USD/JPY technically comes strongly bullish

By FXstreet.com | Updated August 25, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 104.09, up 0.04% on the day, having posted a daily high at 104.13 and low at 104.01.



USD/JPY is changing hands on the 104 handle while the Nikkei opens slightly down. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the USD/JPY short‐term technical are bullish.“Technicals have shifted rapidly from fairly neutral range bound readings to strong buy signals. The MACD’s ability to reach a new high in tandem with the currency is supportive as is the crossing of the 50‐day MA above the 100‐day (102.11 and 102.08, respectively), and USD/JPY ability to break out of its range all warn that the underlying pressure on USD/JPY have shifted."



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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