USD/JPY needs a convincing break on the 104 handle

By FXstreet.com | Updated August 27, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 103.92, down -0.14% on the day, having posted a daily high at 104.18 and low at 103.78.



USD/JPY has been testing the 104 handle but any move to the upside is not coming with any technical strength. If the pair were to make a convincing break to the upside, then some follow through beyond 104.45 is required to confirm a new leg higher, pointing then for a test of 105.00/10 price zone, according to Valeria Bednarik, chief analysts at FXStreet. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the USD/JPY short‐term technical are indeed bullish. “With all studies warning of upside risk. “For near-term traders, support lies at 103.20 and resistance at 104.49."



USD/JPY support and resistance levels



Support levels: 103.70 103.20 102.85



Resistance levels: 104.00 104.45 104.80 105.10



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