USD/JPY threatens the bears at gates of the 104 handle

By FXstreet.com | August 21, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 103.84, having posted a daily high at 103.88 and low at 103.82.



With a hawkish set of minutes from the FOMC this week, the greenback has been supported and USD/JPY has been threatening the bears sub the 104 handle. Meanwhile, FX Strategists at the Bank of Tokyo Mitsubishi UFJ explained that conversely, after July FOMC meeting, many of the US data, non-farm payroll report and price indicators were weaker than those were anticipated and unlikely to support the Fed’s hawkish decision…the US economic recovery may possibly support further dollar buying. Those will remain to support USD/JPY buying and its lower bound at 102-level may be steady."



USD/JPY hourly levels



With spot trading at 103.85, we can see next resistance ahead at 103.97 (Yesterday's High), 104.13 (Daily Classic R1) and 104.49 (Daily Classic R2). Support below can be found at 103.82 (Daily Low), 103.78 (Hourly 20 EMA), 103.76 (Monthly High) and 103.60 (Yesterday's Low).



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