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5 Jun 2014
USD/JPY is waltzing around the range
FXStreet (Moscow) - USD/JPY is in retreat as the pair opened at 102.73 and dipped to its current low of 102.48
Still a correction, but...
It looks like 102.80 resistance is a hard nut to crack for USD/JPY bulls. The pair failed to go past the above said level ad retreated to 102.50 early in Asia today. Supposedly, lower US Treasury yields are behind the bearish move, though we believe that technical factors played their role as well. Bank of Japan policymakers are optimistic about economy reaction to April tax hike, but worried about inflation expectations. All in all USD/JPY is in good position to extend its short-term downside correction with the first aim at 102.00. Once this support is broken, 101.70 will come onto sight.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.66, with support below at 102.51, 102.29 and 102.14 with resistance above at 102.88, 103.03, and 103.25. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.04 and the daily 20EMA at 101.96. Hourly RSI is bullish at 51.
Still a correction, but...
It looks like 102.80 resistance is a hard nut to crack for USD/JPY bulls. The pair failed to go past the above said level ad retreated to 102.50 early in Asia today. Supposedly, lower US Treasury yields are behind the bearish move, though we believe that technical factors played their role as well. Bank of Japan policymakers are optimistic about economy reaction to April tax hike, but worried about inflation expectations. All in all USD/JPY is in good position to extend its short-term downside correction with the first aim at 102.00. Once this support is broken, 101.70 will come onto sight.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.66, with support below at 102.51, 102.29 and 102.14 with resistance above at 102.88, 103.03, and 103.25. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.04 and the daily 20EMA at 101.96. Hourly RSI is bullish at 51.