# USD/JPY: Support Turned Resistance (August 8, 2013) Source: https://www.tradersway.com/resources/market-info/usd-jpy-support-turned-resistance-august-8-2013/ Language: en Updated: 2013-08-08 Description: Explore USD/JPY: Support Turned Resistance (August 8, 2013). USD/JP. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. USD/JPY just broke below a key support level, as dollar weakness continued to dominate price action in yesterday’s trading. After that strong drop though, USD/JPY might retrace for a bit before heading any lower. The Fibonacci retracement levels on the recent swing high and low on the 1-hour time frame show that the 38.2% level lines up with the broken support at 97.70. Stochastic has already reached the oversold region and moved up, suggesting that dollar bears might need to catch their breath first. ![USD/JPY: Support Turned Resistance (August 8, 2013)] A short trade at 97.70 with a stop above the 61.8% Fib and a target of the previous lows near 96.25 would yield a 1:1 reward to risk ratio. *By Kate Curtis from Trader’s Way.* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/usd-jpy-support-turned-resistance-august-8-2013/#primary", "url": "https://www.tradersway.com/resources/market-info/usd-jpy-support-turned-resistance-august-8-2013/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/usd-jpy-support-turned-resistance-august-8-2013/", "headline": "USD/JPY: Support Turned Resistance (August 8, 2013)", "inLanguage": "en", "datePublished": "2013-08-08T12:58:26+00:00", "dateModified": "2013-08-08T12:58:26+00:00", "articleSection": "Market Info", "description": "Explore USD/JPY: Support Turned Resistance (August 8, 2013). 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