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



You May Also Like

Related Forex Analysis
  1. Forex News

    BoJ will continue easing - BTMU

  2. Forex News

    USD/JPY taking back the 119 handle

  3. Forex News

    USD/JPY edging lower in Tokyo

  4. Forex News

    Asian currencies to remain pressured - BTMU

  5. Forex News

    Key remaining events for the week – Westpac

Trading Center