USD/JPY hits high resistance following the FOMC minutes

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The yen has been bowing to USD strength despite low US treasury yields and ongoing geopolitical tensions. After settling above 103, USD/JPY extended its moves on the not-dovish-at-all FOMC meeting minutes and reached 103.75, a level that was also a swing high back in March. So far, the pair stopped at this resistance line. Can it move forward or will the 102 “magnet” pull the pair down (perhaps on Jackson Hole dovishness from Yellen) for a while before it resumes its upwards trend? Here is how it looks on the chart:

USDJPY risinig to high resistance August 20 2014 technical daily chart for dollar yen trading

Upon a convincing break of 103.75, the next line of resistance is 104.10, which was a double top back in early April. Support appears at the round number of 103 that the pair broke earlier.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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