7 Apr 2014
USD/JPY bounced from 103.00 springboard
FXstreet.com (Moscow) – USD/JPY is a big mover today starting the Asia at 103.26, posting session low at 102.99, and resuming the rise to 103.18 at the moment.
NFP was not a good catalyst
The US data again confused everybody, coming out almost in line but still lower than expected. And again there are doubts on the sustainability of the US recovery. And again there is no confidence in the further FED direction, as Jannet Yellen was not that aggressive during her last speech, and confirmed the fragility of the US economy recovery. All this doubts may shatter the positions of the USD, thus triggering the pair’s slide with initial target at 102.60 support level, if 103.00 area is broken at last. Additional factor for the yen strengthening lies in the recent sales tax hike – the markets expected more stimulus from the BOJ, but haven’t got it yet.
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.
NFP was not a good catalyst
The US data again confused everybody, coming out almost in line but still lower than expected. And again there are doubts on the sustainability of the US recovery. And again there is no confidence in the further FED direction, as Jannet Yellen was not that aggressive during her last speech, and confirmed the fragility of the US economy recovery. All this doubts may shatter the positions of the USD, thus triggering the pair’s slide with initial target at 102.60 support level, if 103.00 area is broken at last. Additional factor for the yen strengthening lies in the recent sales tax hike – the markets expected more stimulus from the BOJ, but haven’t got it yet.
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.