USD/JPY meeting tough resistance ahead of psychological 104 handle

By FXstreet.com | Updated August 21, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 103.92, up 0.06% on the day, having posted a daily high at 103.93 and low at 103.82.



USD/JPY has been pushing towards the 104 handle but has run out of steam here. In the meantime, as Dukascopy Bank Team at Dukascopy Bank SA explains, the recently breached resistance at 103 should now act as a floor for the near-term dips. ”There has been a major drop in the percentage of long positions held on USD/JPY since yesterday’s update—it has plunged from 75 down to 59%. But at the same time there are less sell orders—their portion declined from 63 to 58%”.



USD/JPY hourly levels



With spot trading at 103.85, we can see next resistance ahead at 103.97 (Yesterday's High), 104.13 (Daily Classic R1) and 104.49 (Daily Classic R2). Support below can be found at 103.82 (Daily Low), 103.78 (Hourly 20 EMA), 103.76 (Monthly High) and 103.60 (Yesterday's Low).



comments powered by Disqus
Related Forex Analysis
  1. BoJ preview: Downgrade in economy, inflation to sustain QQE prospects into 2015 - ...
    Forex News

    BoJ preview: Downgrade in economy, inflation to sustain QQE prospects into 2015 - ...

  2. USD/JPY risks still skewed to the upside - Nomura
    Forex News

    USD/JPY risks still skewed to the upside - Nomura

  3. USD/JPY fast approaching Oct high ahead of BoJ
    Forex News

    USD/JPY fast approaching Oct high ahead of BoJ

  4. USD/JPY Technical Analysis: Resistance Above 110.00 in Focus
    Forex News

    USD/JPY Technical Analysis: Resistance Above 110.00 in Focus

  5. GPIF talk boost Yen crosses, stars aligned for further upside?
    Forex News

    GPIF talk boost Yen crosses, stars aligned for further upside?

Trading Center