Marco Galiazzo of Italy in 2nd and Magnus Petersson of Sweden in 3rd rounded out the top five, with Dmytro Hrachov in 6th with the same score as 5th-ranked Jang of Korea.
The three medalists of the 2000 Summer Olympics, Simon Fairweather, Vic Wunderle, and Wietse van Alten, all competed in 2004.
The first upset of the day belonged to 43rd-ranked Vic Wunderle of the United States, who defeated 22nd-ranked Majhi Sawaiyan of India.
The United States were on the losing end of an even larger upset, though, when Butch Johnson lost to Ron van der Hoff of the Netherlands.
The biggest upset occurred when 52nd-ranked Tashi Peljor of Bhutan defeated 13th-ranked Jocelyn de Grandis of France to become the lowest ranked archer to advance.
Vic Wunderle of the United States continued to have success in head-to-head competition, eliminating 11th-ranked Wang Cheng-pang of Chinese Taipei.
Two other top-ten-ranked archers fell when 27th-ranked Xue Haifeng of China defeated 6th-ranked Dmytro Hrachov of Ukraine and 25th-ranked Hasse Pavia Lind lost to Oleksandr Serdyuk.
In a surprise, both of the remaining Korean archers fell to Hiroshi Yamamoto and Tim Cuddihy in 1-point matches eliminating them from medal contention.
The gold medal match on 19 August pitted a first-time-Olympian Italian against a veteran Japanese archer, with the favored Koreans being conspicuously absent.