7 Apr 2014
USD/JPY bears attack 103.00 support
FXStreet (Moscow) - USD/JPY is under pressure again as the pair dropped from Asian high at 103.38 and came close to then bespoke support of 103.00 (current low is 102.99)
Bears grabbed USD/JPY
USD/JPY was not able to stay above 104.00 and dropped to 103.22 on Friday. The pair finished the day within a couple of pips from the intraday low, which means that the bearish bias is rather strong. In Asia, leading and coincidence indices showed that the Japanese economy is slowing down as they came out at 113.4 against 115.2 in January. Ершы is the first drop in eight months that put some downside pressure on JPY and helped it to stay above 103.00 support. From the technical point of view, 103.00 support is deemed important. It is very strong with solid demand on approach, so it is not supposed to be taken out easily. Though if it is broken, the downside will accelerate to 102.88 (100-DMA), while the upside correction will be capped by 103.40.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.54, with support below at 102.95, 102.60 and 102.00 with resistance above at 103.89, 104.49, and 104.84. Hourly Moving Averages are largely bearish, with the 200SMA at 103.05 and the daily 20EMA at 102.76. Hourly RSI is neutral at 20.
Bears grabbed USD/JPY
USD/JPY was not able to stay above 104.00 and dropped to 103.22 on Friday. The pair finished the day within a couple of pips from the intraday low, which means that the bearish bias is rather strong. In Asia, leading and coincidence indices showed that the Japanese economy is slowing down as they came out at 113.4 against 115.2 in January. Ершы is the first drop in eight months that put some downside pressure on JPY and helped it to stay above 103.00 support. From the technical point of view, 103.00 support is deemed important. It is very strong with solid demand on approach, so it is not supposed to be taken out easily. Though if it is broken, the downside will accelerate to 102.88 (100-DMA), while the upside correction will be capped by 103.40.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.54, with support below at 102.95, 102.60 and 102.00 with resistance above at 103.89, 104.49, and 104.84. Hourly Moving Averages are largely bearish, with the 200SMA at 103.05 and the daily 20EMA at 102.76. Hourly RSI is neutral at 20.