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22 Sep 2014
USD/JPY in no mood for deep decline; settled at 108.80
FXStreet (Moscow) - USD/JPY extended decline towards Asian low at 108.66 before settling at current level of 108.77
Time for a pause?
USD/JPY had the third positive week in a row. The pair has gained about 500 pips since the end of August and reached new multi-year high at 109.46 on Friday before retracing to the area marginally below 109.00. Technically, the upside looks very stretched, which means that some healthy downside correction may be on cards. On the intraday basis USD/JPY movements are likely to be influenced by speculative sentiments. Lower US yields triggered USD sales across the board early on Monday, and the dynamics might gain traction later during the day. The downside correction could be limited by strong demand at 108.50. Once this support is broken, 108.30 will come into sight. The upside, possibly triggered by positive US existing home sales report, might stop at 109.10 and 109.47.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 109.03 with support below at 108.59, 108.14 and 107.70 with resistance above at 109.48, 109.92 and 110.37. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.49 and the daily 20EMA bullish at 106.26. Hourly RSI is bearish at 45
Time for a pause?
USD/JPY had the third positive week in a row. The pair has gained about 500 pips since the end of August and reached new multi-year high at 109.46 on Friday before retracing to the area marginally below 109.00. Technically, the upside looks very stretched, which means that some healthy downside correction may be on cards. On the intraday basis USD/JPY movements are likely to be influenced by speculative sentiments. Lower US yields triggered USD sales across the board early on Monday, and the dynamics might gain traction later during the day. The downside correction could be limited by strong demand at 108.50. Once this support is broken, 108.30 will come into sight. The upside, possibly triggered by positive US existing home sales report, might stop at 109.10 and 109.47.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 109.03 with support below at 108.59, 108.14 and 107.70 with resistance above at 109.48, 109.92 and 110.37. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.49 and the daily 20EMA bullish at 106.26. Hourly RSI is bearish at 45