7 Feb 2014
USD/JPY is teetering on 102.00
FXStreet (Moscow) - USD/JPY is sitting in a pretty narrow range within a whisker of the key level of 102.00.
USD/JPY is in wait and see mode
USD/JPY retraced losses yesterday and closed above an important resistance level of 102.00. The US Dollar bulls hold ground in Asia, but they will obviously need a good motive to go on higher. Will they get one from US labor market data?. Currently the forecasts on Non-Farm Payrolls range from 100K to 220K. Alas, the chances are that they will disappoint us as the Challendger job cuts report published yesterday showed that still more companies plan to cut stuff and Wednesday’s ADP numbers were also worse than forecasted. These data increase the chances that the Non-Farm Payroll report fails to live up to expectations. In this case the the pair may tumble below 102.00 to 101.30-24 where the downside may be stopped by fresh demand.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.85, with support below at 101.52, 100.90 and 100.56, with resistance above at 102.47, 102.81, and 103.43. Hourly Moving Averages are mixed, with the 200SMA at 102.09 and the daily 20EMA at 102.78. Hourly RSI is neutral at 62.
USD/JPY is in wait and see mode
USD/JPY retraced losses yesterday and closed above an important resistance level of 102.00. The US Dollar bulls hold ground in Asia, but they will obviously need a good motive to go on higher. Will they get one from US labor market data?. Currently the forecasts on Non-Farm Payrolls range from 100K to 220K. Alas, the chances are that they will disappoint us as the Challendger job cuts report published yesterday showed that still more companies plan to cut stuff and Wednesday’s ADP numbers were also worse than forecasted. These data increase the chances that the Non-Farm Payroll report fails to live up to expectations. In this case the the pair may tumble below 102.00 to 101.30-24 where the downside may be stopped by fresh demand.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.85, with support below at 101.52, 100.90 and 100.56, with resistance above at 102.47, 102.81, and 103.43. Hourly Moving Averages are mixed, with the 200SMA at 102.09 and the daily 20EMA at 102.78. Hourly RSI is neutral at 62.