USD/JPY retreats from session highs, back to 103.80

By FXstreet.com | Updated August 21, 2014 AAA

FXStreet (Moscow) - USD/JPY touched 103.94 session high, and reversed the move sliding just below 103.80 by the moment.



Will Jennet destroy the hope?



The pair bumped into strong resistance at 104.00, and investors were in no hurry to test it again, as the key event of the week is on the agenda. The recent FOMC minutes somehow confused the market with its aggressive stance, and gave the reason to buy the buck. However, Jennet Yellen’s speech at Jackson Hole symposium may destroy all the previous arguments with just a dovish view on the US labor market. In this case the pair may come under pressure, and slid down to 103.64 support initially.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 103.80, with support below at 103.64, 103.43 and 103.27 with resistance above at 104.01, 104.18, and 104.39. Hourly Moving Averages are largely bullish, with the 200SMA bullish at 102.75 and the daily 20EMA bullish at 102.56. Hourly RSI is bullish at 52.



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