USD/JPY finds resistance at 103.40

By FXstreet.com | August 20, 2014 AAA

FXStreet (Córdoba) - Extending gains into a third consecutive day, the USD/JPY broke above 103.00 and printed fresh 4-month highs amid broad dollar strength ahead of the FOMC minutes.



The USD/JPY climbed to its highest level since early April at 103.39 as the dollar continued to build on yesterday’s housing data-inspired gains. However, the USD/JPY found resistance at the 103.40 zone and pulled back slightly to currently trade around 103.20, recording a 0.29% gain Wednesday.



Market attention now turns to the FOMC minutes release scheduled for 18:00 GMT for clues of the Federal Reserve next steps.

USD/JPY levels to watch



If the USD/JPY manages to break above 103.40, next resistances could be found at 103.75 (Mar 7 high), 104.00 (psychological level) and 104.12 (Apr 4 high). On the other hand, supports are seen at 102.88 (Aug 20 low), 102.51 (Aug 19 low) and 102.24 (Aug 18 low).



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center