9 Apr 2014
USD/JPY is climbing to 102.00 resistance
FXStreet (Moscow) - USD/JPY stalled at 101.96 after moving from 101.70 at the opening
USD/JPY is the best selling pair nowadays!
USD/JPY was the biggest looser in the FX universe on Tuesday as it dropped deeply below 102.00 anв reached new monthly low at 101.51. There are several factors affecting the the JPY strength across the board. First of all, markets are disappointed with no-stimulus-so-far approach taken by the Bank of Japan. Though the central bank’s inaction was widely expected, many market players hoped to get some clear hints that it is on the cards. Second, Japanese stock market is tumbling and pushing JPY higher due to well established negative correlation; and third, news of tanks moving to Eastern Ukraine form the mainland spurred safe-heaven demand. Thought USD/JPY managed to regain some losses early in Asia today, the upside correction is rather slow considering the scale of the downside. It means that the bearish dynamics might resume unless the above mentioned factors (or some of them) are removed. Bulls need to get the pair above 102.00 for the upside to gain traction. The nearest support is seen at 101.50 (yesterday/s low).
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.16, with support below at 101.19, 100.57 and 99.60 with resistance above at 102.78, 103.76, and 104.37. Hourly Moving Averages are largely bearish, with the 200SMA at 103.17 and the daily 20EMA at 102.73. Hourly RSI is bearish at 31.
USD/JPY is the best selling pair nowadays!
USD/JPY was the biggest looser in the FX universe on Tuesday as it dropped deeply below 102.00 anв reached new monthly low at 101.51. There are several factors affecting the the JPY strength across the board. First of all, markets are disappointed with no-stimulus-so-far approach taken by the Bank of Japan. Though the central bank’s inaction was widely expected, many market players hoped to get some clear hints that it is on the cards. Second, Japanese stock market is tumbling and pushing JPY higher due to well established negative correlation; and third, news of tanks moving to Eastern Ukraine form the mainland spurred safe-heaven demand. Thought USD/JPY managed to regain some losses early in Asia today, the upside correction is rather slow considering the scale of the downside. It means that the bearish dynamics might resume unless the above mentioned factors (or some of them) are removed. Bulls need to get the pair above 102.00 for the upside to gain traction. The nearest support is seen at 101.50 (yesterday/s low).
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.16, with support below at 101.19, 100.57 and 99.60 with resistance above at 102.78, 103.76, and 104.37. Hourly Moving Averages are largely bearish, with the 200SMA at 103.17 and the daily 20EMA at 102.73. Hourly RSI is bearish at 31.