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23 May 2014
USD/JPY has stalled on approach to 101.80 resistance
FXStreet (Moscow) - USD/JPY is grinding higher towards strong resistance of 101.80 followed by medium offers on approach to 102.00
Was it the bottom?
The traders are wondering at the moment if the 3.5 month low at 101.81 posted on Wednesday is the temporary bottom for the pair that may serve as a strong support level, and the spring board for rebounds. The market has already priced in the unchanged monetary policy from the BOJ, thus, the corrective moves on the back of positive US data are not ruled out. At the moment the two factors are of most importance – US treasury yields that are showing signs of rebounding, and US data that supports the continuing American recovery.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.63, with support below at 101.43, 101.13 and 100.93 with resistance above at 101.94, 102.14, and 102.44. Hourly Moving Averages are bullish, with the 200SMA at 101.65 and the daily 20EMA at 101.85. Hourly RSI is bullish at 62
Was it the bottom?
The traders are wondering at the moment if the 3.5 month low at 101.81 posted on Wednesday is the temporary bottom for the pair that may serve as a strong support level, and the spring board for rebounds. The market has already priced in the unchanged monetary policy from the BOJ, thus, the corrective moves on the back of positive US data are not ruled out. At the moment the two factors are of most importance – US treasury yields that are showing signs of rebounding, and US data that supports the continuing American recovery.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.63, with support below at 101.43, 101.13 and 100.93 with resistance above at 101.94, 102.14, and 102.44. Hourly Moving Averages are bullish, with the 200SMA at 101.65 and the daily 20EMA at 101.85. Hourly RSI is bullish at 62