USD/JPY toying with 104.00

By FXstreet.com | Updated August 29, 2014 AAA

FXStreet (Edinburgh) - The greenback seems to have resumed its upside on Friday, now lifting the USD/JPY to the very doorsteps of the critical barrier at 104.00.

USD/JPY looks to regain weekly tops

The pair is trading on a firmer footing and prolonging the bounce off the 103.70 area. The overall weaker tone from the Japanese docket in today’s early hours weighed on the yen, adding to the upside sentiment in the pair. Next of relevance will be the US inflation figures tracked by the PCE along with Private Income/Spending and the final reading of the Reuters/Michigan index for the month of August. Emmanuel Ng, FX Strategist at OCBC Bank, commented, “the JPY may continue to garner support pending geopolitical developments into the weekend. As such, the pair may continue to loiter at sub-104 levels in the interim with a fairly solid cushion expected towards 103.00”.

USD/JPY levels to consider

At the moment the pair is up 0.23% at 103.96 and a surpass of 104.16 (high Aug.27) would open the door to 104.49 (high Aug.25) and finally 104.84 (high Jan.23). On the flip side, the immediate support aligns at 103.66 (low Aug.29) followed by 103.56 (low Aug.28) and then 103.51 (Tenkan Sen).

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