USD/JPY pulls back after faltering at 103.95

By FXstreet.com | August 22, 2014 AAA

FXStreet (Córdoba) - Following another rejection ahead of the 104.00 level, the USD/JPY turned south and corrected some of its recent gains.



The USD/JPY found resistance once again at the 103.95 area and pulled back, turning intraday negative and hitting a daily low of 103.67 in recent dealings. At time of writing, the pair is trading at 103.70, 0.12% below its opening price.



With no US data scheduled for today, focus remains on the Jackson Hole symposium where not only Fed Chair Janet Yellen will speak today, but also other top central bankers as BoJ Kuroda (tomorrow) and ECB Draghi.

USD/JPY technical levels



As for technical levels, above 103.95/104.00, next resistances could be found at 104.12 (Apr 4 high), 104.32 (76.4% Fibo of 105.44-100.75) and 104.84 (Jan 23 high). On the other hand, supports are seen at 103.59 (Aug 21 low), 103.00 (psychological level), 102.88 (Aug 20 low) and 102.51 (Aug 19 low).



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