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USD/JPY in highs around 103.70

FXstreet.com (Barcelona) - The USD has resumed its upside on Wednesday, pushing the pair to the boundaries of 103.70, levels last seen in October 2008.

Fireworks are all but over on Wednesday, with market participants now focusing on the FOMC minutes due later. According to I.Spivak, Currency Strategist at DailyFX, “Prices put in a Bearish engulfing candlestick pattern below resistance at 103.16, the 100% Fibonacci expansion, hinting a move lower is ahead. Neart-term support is at 101.52, the 23.6% Fib retracement, with a break below that exposing the 38.2% level at 100.43. Alternatively, a reversal above 103.16 targets the 123.6% expansion at 104.91”.

USD/JPY is now up 1.11% at 103.61 with the next resistance at 105.40 (high Oct.6 2008) followed by 106.15 (high Oct.3 2008).
On the downside, a breach of 103.18 (high May 20) would expose 102.72 (cloud top) and then 102.35 (low May 22).

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