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7 Mar 2014
USD/JPY: paused before a new rush higher?
FXStreet (Barcelona) - USD/JPY bulls need to take a breathe and gather energies before a new rush above the resistance of 103.00: the pair is currently consolidating in a narrow range right below that pivotal level with slight downside bias.
USD/JPY is full of vigour
USD/JPY managed to break through lots of resistance levels this week. The latest one that came down under the bulls pressyue is 103.00 as the pair reached 103.16 late on Thursday, but finished the day only marginally lower at 102.97. This movements have little to do with USD strength. It’s just JPY being sold out across the board. There are several factors that may be attributed to such bad luck of the Japanese currency, such as ease of geopolitical tensions, GIPF and government investment fund new yield targets and BOJ readiness to drive inflation higher to name just a few. European session might bring some profit taking to the pair as the traders would prefer to avoid risks ahead of the weekend. But the key risk event of the day is the Non-Farm Payroll as it will set the tone before the weekend and trigger a new wave of speculations about FED tapering. From the technical point of view, the short-term support comes at 102.70 and followed by 102.30, while resistance is seen at 103.00 an then at 103.20.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.82, with support below at 102.47, 101.90 and 101.54, with resistance above at 103.39, 103.75, and 104.32. Hourly Moving Averages are bullish, with the 200SMA at 102.16 and the daily 20EMA at 102.32. Hourly RSI is neutral at 64.
USD/JPY is full of vigour
USD/JPY managed to break through lots of resistance levels this week. The latest one that came down under the bulls pressyue is 103.00 as the pair reached 103.16 late on Thursday, but finished the day only marginally lower at 102.97. This movements have little to do with USD strength. It’s just JPY being sold out across the board. There are several factors that may be attributed to such bad luck of the Japanese currency, such as ease of geopolitical tensions, GIPF and government investment fund new yield targets and BOJ readiness to drive inflation higher to name just a few. European session might bring some profit taking to the pair as the traders would prefer to avoid risks ahead of the weekend. But the key risk event of the day is the Non-Farm Payroll as it will set the tone before the weekend and trigger a new wave of speculations about FED tapering. From the technical point of view, the short-term support comes at 102.70 and followed by 102.30, while resistance is seen at 103.00 an then at 103.20.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.82, with support below at 102.47, 101.90 and 101.54, with resistance above at 103.39, 103.75, and 104.32. Hourly Moving Averages are bullish, with the 200SMA at 102.16 and the daily 20EMA at 102.32. Hourly RSI is neutral at 64.