27 Mar 2014
USD/JPY climbs above 102.00 in Tokyo
FXStreet (Moscow) - USD/JPY tries to develop the upside correction. The feeble bulls’ attempts helped the pair to recover from current lows at 101.71 to 102.14
USD/JPY bears celebrate victory
USD/JPY bears are happy to be out of the range as they continue to push the pair lower on the back of general risk aversion sentiments caused by geopolitical concerns. Nikkei 225 is on the backfoot early in Tokyo today. The index ended the morning down 1.16% at 14308.69 and thus supported the JPY that is negatively correlated with the stocks dynamics. The upside USD/JPY late in Tokyo session was caused by fresh demand at 101.80/70 area that triggered the short-covering. The upside correction may be extended into the European session, though we do not believe it will be a game changer for USD/JPY as geopolitical risks still loom large. From the technical point of view, the selling pressure will remain strong as the pair stays below 102.18 (1h 50 EMA). Once it is broken, look for further upside with the first target at 102.45. On the downside, the nearest support comes at 101.75 and followed by 101.45.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.13, with support below at 101.78, 101.52 and 101.17, with resistance above at 102.38, 102.73, and 102.99. Hourly Moving Averages are bearish, with the 200SMA at 102.03 and the daily 20EMA at 102.24. Hourly RSI is neutral at 34.
USD/JPY bears celebrate victory
USD/JPY bears are happy to be out of the range as they continue to push the pair lower on the back of general risk aversion sentiments caused by geopolitical concerns. Nikkei 225 is on the backfoot early in Tokyo today. The index ended the morning down 1.16% at 14308.69 and thus supported the JPY that is negatively correlated with the stocks dynamics. The upside USD/JPY late in Tokyo session was caused by fresh demand at 101.80/70 area that triggered the short-covering. The upside correction may be extended into the European session, though we do not believe it will be a game changer for USD/JPY as geopolitical risks still loom large. From the technical point of view, the selling pressure will remain strong as the pair stays below 102.18 (1h 50 EMA). Once it is broken, look for further upside with the first target at 102.45. On the downside, the nearest support comes at 101.75 and followed by 101.45.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.13, with support below at 101.78, 101.52 and 101.17, with resistance above at 102.38, 102.73, and 102.99. Hourly Moving Averages are bearish, with the 200SMA at 102.03 and the daily 20EMA at 102.24. Hourly RSI is neutral at 34.