9 Jan 2014
USD/JPY sleeps in a narrow 30-pip range
FXstreet.com (Moscow) - USD/JPY moves in a tight rage of 30 pips during Asian session after yesterdays failed attempt to close above 105.00.
USD/JPY takes rest
US Dollar moved higher across the board as the FED published its December meeting minutes, which showed that the decision to taper was welcomed by nearly all FOMC members. USD/JPY was no except, as it rushed above the key resistance of 105.00. USD/JPY did not manage to hold gains and closed below the above said level. Now the currency pair is consolidating near the opening level at 104.87. It is pretty rangeboud after yesterday’s violent moves. Now that the FOMC minutes are behind us, the main risk factor for the currency pair is the US labour market data. Yesterday ADP published its employment report, that came out better than expected (238K against forecasted 200k and 229k in November). Today we will have a glimpse of the other side of the medal - the unemployment data (Challenger job cuts and Jobless claims). Should these reports confirm the assumed improvement of the labour market, the USD/JPY upside might gain traction. We are looking for the pair to consolidate ahead of the above mentioned publications.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 104.80, with support below at 104.48, 104.20 and 103.87, with resistance above at 105.08, 105.41, and 105.69. Hourly Moving Averages are bullish, with the 200SMA at 104.87 and the daily 20EMA at 104.16. Hourly RSI is neutral at 57.08.
USD/JPY takes rest
US Dollar moved higher across the board as the FED published its December meeting minutes, which showed that the decision to taper was welcomed by nearly all FOMC members. USD/JPY was no except, as it rushed above the key resistance of 105.00. USD/JPY did not manage to hold gains and closed below the above said level. Now the currency pair is consolidating near the opening level at 104.87. It is pretty rangeboud after yesterday’s violent moves. Now that the FOMC minutes are behind us, the main risk factor for the currency pair is the US labour market data. Yesterday ADP published its employment report, that came out better than expected (238K against forecasted 200k and 229k in November). Today we will have a glimpse of the other side of the medal - the unemployment data (Challenger job cuts and Jobless claims). Should these reports confirm the assumed improvement of the labour market, the USD/JPY upside might gain traction. We are looking for the pair to consolidate ahead of the above mentioned publications.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 104.80, with support below at 104.48, 104.20 and 103.87, with resistance above at 105.08, 105.41, and 105.69. Hourly Moving Averages are bullish, with the 200SMA at 104.87 and the daily 20EMA at 104.16. Hourly RSI is neutral at 57.08.