USD/JPY rises to four-month high
James Chen August 21, 2014 8:51 PM
<p>USD/JPY (daily chart shown below) rose to a high of 103.95 on Thursday, establishing more than a four-month high for the currency pair. Prior to […]</p>
USD/JPY (daily chart shown below) rose to a high of 103.95 on Thursday, establishing more than a four-month high for the currency pair.
Prior to this advance, USD/JPY had been entrenched in a prolonged trading range above 100.75 support.
In its current rise from support, the currency pair has also respected a long-term uptrend support line extending back to the 77.00-area low of September 2012.
After reaching a five-year high of 105.43 at the very beginning of this year, price action pulled back to establish the noted 100.75 support level in February before entering into what has become a six-month trading range thus far.
The high of that range at 104.11 was hit briefly in April. Thursday’s high of 103.95 was just slightly short of that April range high.
With any continued upside momentum above 104.00, the current trading range could well be broken, with the major upside resistance target around the noted 105.43 high. Short-term downside support currently resides around the 103.00 level.
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