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19 Dec 2013
USD/JPY caps at 104.38, double-tops
FXstreet.com (Chicago) - USD/JPY is subdued once reaching the 104.38 resistance, daily highs and double-tops with yesterday’s highs. +200 pips stronger this month, the 104 front seems firmly protected despite mixed economic results in the US.
USD/JPY Technical Levels
Technically speaking, the pair is capped at double-tops around the strong 104.34 resistance. Still at 5-year highs, the pair consolidates the printing of higher highs and lows extending the bullish channel originating last October 25th. Losing a short amount of pips so far today does not impede the pair to register a successful winning week as it is 0.96% stronger reaching over 200 pips gained this month. Offered at 104.17, the pair navigates between the supports aligned at 103.90 (December 4th highs), 103.37 (December 2nd highs) ahead of 102.89 (December 12th highs) and the resistances set at 104.34 (December 18th highs), 104.87 (July 10th 2002 highs) followed by 135 (January 1st 2002 highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.
USD/JPY Technical Levels
Technically speaking, the pair is capped at double-tops around the strong 104.34 resistance. Still at 5-year highs, the pair consolidates the printing of higher highs and lows extending the bullish channel originating last October 25th. Losing a short amount of pips so far today does not impede the pair to register a successful winning week as it is 0.96% stronger reaching over 200 pips gained this month. Offered at 104.17, the pair navigates between the supports aligned at 103.90 (December 4th highs), 103.37 (December 2nd highs) ahead of 102.89 (December 12th highs) and the resistances set at 104.34 (December 18th highs), 104.87 (July 10th 2002 highs) followed by 135 (January 1st 2002 highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.