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.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  2. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  3. Forex News

    Japanese Yen: Up or Down? Next Week Holds the Keys

  4. Forex News

    USD/JPY rebounds back toward 124.00, unchanged for the week

  5. Forex News

    USD/JPY drops to 123.50 on weaker dollar

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!