USD/JPY reclaims 104 handle but not with conviction

By FXstreet.com | August 25, 2014 AAA

FXStreet (Guatemala) -USD/JPY is trading at 104.03, down -0.02% on the day, having posted a daily high at 104.09 and low at 104.01.



USD/JPY has been pushed back up onto the 104 handle and trades steadily into the Asian opening hours,although lacks the conviction in terms of momentum. Valeria Bednarik, chief analyst at FXStreet in the 4 hours chart indicators corrected overbought readings, now slowly grinding higher in positive territory, suggesting the downside will remain limited. Immediate support stands at mentioned 1 hour 100 SMA, currently at 103.70, and if the level holds on dips, the upside will remain favored.



USD/JPY support and resistance levels



Support levels: 103.90, 103.70, 103.40 and 102.90



Resistance levels: 104.35, 104.80 and 105.25



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