USD/JPY reclaims 104 handle but not with conviction

By FXstreet.com | Updated 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



You May Also Like

Related Forex Analysis
  1. USD/JPY Wave Relationships Near 119.50
    Forex News

    USD/JPY Wave Relationships Near 119.50

  2. USD/JPY failing at critical 119.00 level
    Forex News

    USD/JPY failing at critical 119.00 level

  3. USD/JPY Hits a Big Fib Confluence (Another One)
    Forex News

    USD/JPY Hits a Big Fib Confluence (Another One)

  4. USD/JPY recovers ground, back above 118.00
    Forex News

    USD/JPY recovers ground, back above 118.00

  5. Japanese Yen Remains an Attractive Sell Opportunity until this Changes
    Forex News

    Japanese Yen Remains an Attractive Sell Opportunity until this Changes

Trading Center