USD/JPY sitting pretty just below 104 handle

By FXstreet.com | Updated August 22, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 103.93, up 0.08% on the day, having posted a daily high at 104.21 and low at 103.50.

USD/JPY’s advance onto the 104 handle has been short lived although the probability of a revisit remains on a well performing greenback. We are out of data for the week now that Yellen has passed with a dovish speech that came without surprises. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabanknoted that next week’s focus on Japan will be inflation data; where headline is expected to settle to 3.4%y/y, ex fresh food is expected to be stable at 3.3%y/y and ex food and energy is expected to be 2.3%y/y. We expect USDJPY to close the year materially higher than current levels and hold a Q314 target of 104 and a year‐end target of 109."

USD/JPY hourly levels

With spot trading at 103.94, we can see next resistance ahead at 104.01 (Daily Classic R1), 104.18 (Daily Classic R2), 104.21 (Daily High) and 104.39 (Daily Classic R3). Support below can be found at 103.84 (Hourly 20 EMA) and 103.81 (Daily Classic PP).

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