USD/JPY finds resistance at 103.40

By FXstreet.com | Updated 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).



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