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16 Apr 2014
USD/JPY aims at 102.25 resistance
FXStreet (Moscow) - USD/JPY touched the strong resistance at 102.25, but retraced to 102.18
JPY ignore the risks
It seems that USD/JPY bottomed out at the lows of 101.30 reached at the end of the previous week. The pair had the third positive daily close in succession on Tuesday and continued to move upwards in Asia today despite growing tensions in Ukraine. JPY is under selling pressure across the board as Japanese officials were rather optimistic about economic developments in Japan, but stressed that it is still too early to speak about exit strategies. Their comments triggered Nikkei rally (the index ended morning 2.26% higher). The Yen has confirmed its negative correlation with the stock market dynamics and retreated against major currencies. Now that USD/JPY is well above 102.00, keep an eye on strong offers located around 102.25, if the bullish momentum is strong enough to overcome this hurdle, the pair may accelerate to 102.50. The nearest support is seen at 102.00 and followed by 101.55/50
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.81, with support below at 101.61, 101.29 and 100.09 with resistance above at 102.12, 102.32, and 102.64. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.33 and the daily 20EMA at 102.36. Hourly RSI is bullish at 70.
JPY ignore the risks
It seems that USD/JPY bottomed out at the lows of 101.30 reached at the end of the previous week. The pair had the third positive daily close in succession on Tuesday and continued to move upwards in Asia today despite growing tensions in Ukraine. JPY is under selling pressure across the board as Japanese officials were rather optimistic about economic developments in Japan, but stressed that it is still too early to speak about exit strategies. Their comments triggered Nikkei rally (the index ended morning 2.26% higher). The Yen has confirmed its negative correlation with the stock market dynamics and retreated against major currencies. Now that USD/JPY is well above 102.00, keep an eye on strong offers located around 102.25, if the bullish momentum is strong enough to overcome this hurdle, the pair may accelerate to 102.50. The nearest support is seen at 102.00 and followed by 101.55/50
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.81, with support below at 101.61, 101.29 and 100.09 with resistance above at 102.12, 102.32, and 102.64. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.33 and the daily 20EMA at 102.36. Hourly RSI is bullish at 70.