USD/JPY meeting tough resistance ahead of psychological 104 handle

By FXstreet.com | 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).



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