USD/JPY looking for a break on the 104 handle

By FXstreet.com | Updated August 29, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 104.04, up 0.33% on the day, having posted a daily high at 104.08 and low at 103.66.



With the dollar strong across the board and taking back losses seen earlier, USD/JPY finds territory on the key 104 handle and is seeking out s close here for a positive end to the week and a net neutral position. Meanwhile, Eric Theoret, Currency Strategist at Scotiabank explained that the USD/JPY short-term technical are indeed bullish. “Sll indicators pointing to upside risk, with USD/JPY unable to maintain short-term declines below the 9 day MA. Expect support just above 103.50 with gains likely to accelerate on a break of 104.00."



USD/JPY hourly levels



Spot is presently trading at 104.06, and next resistance can be seen at 104.12 (Daily Classic R2) and 104.31 (Daily Classic R3). Next support to the downside can be found at 103.90 (Hourly 100 SMA), 103.87 (Hourly 20 EMA) and 103.74 (Daily Classic PP).



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