USD/JPY practically touched 104, and retreated

By FXstreet.com | August 21, 2014 AAA

FXStreet (Moscow) - USD/JPY posted almost 5-month high at 103.95, and retreated a bit trading just below 103.80 at the moment.



No rush



The released yesterday FOMC minutes gave the pair another reason to keep rising. The fact that the Committee members discussed the possibility of earlier rate hike is a strong argument in favor of further pair appreciation. However, the market is in no rush to refresh multi-month highs, as there is Jackson Hole’s symposium in store, and Jennet Yellen may throw cold water on too bullish investors. The pair is trading at 103.76, and may target the next resistance at 104.13. The nearest support level may lie at 103.51



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 103.51, with support below at 103.14, 102.52 and 102.16 with resistance above at 104.13, 104.49, and 105.11. Hourly Moving Averages are largely bullish, with the 200SMA bullish at 102.58 and the daily 20EMA bullish at 102.43. Hourly RSI is bullish at 66.



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