10 Apr 2014
USD/JPY is drawn to 101.70 support like a magnet
FXStreet (Moscow) - USD/JPY feeble attempts to recover from the intraday lows were met with new selling interest and the pair returned to the support level of 101.70
Its’ all about risk
The Japanese currency resumed growth in Asian as the China reported on unexpected drop in imports and exports that triggered new concerns about the state of the second largest world economy. A ease of anti-risk sentiments pushed USD/JPY to the intraday low of 101.64 where the downside stalled. Technically, 101.70 support is deemed strong as it has been constraining the bearish attempts since Tuesday. Nikkei 225 eded the session flat, so now the focus shifts on European stock markets and Wall Street. The downside may lead to new JPY gains, while positive labour market data published during American hours might support USD and trigger the USD/JPY upside correction into the end of the week.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.96, with support below at 101.75, 101.51 and 101.30 with resistance above at 102.20, 102.41, and 102.66. Hourly Moving Averages are largely bearish, with the 200SMA at 103.14 and the daily 20EMA at 102.66. Hourly RSI is bearish at 44.
Its’ all about risk
The Japanese currency resumed growth in Asian as the China reported on unexpected drop in imports and exports that triggered new concerns about the state of the second largest world economy. A ease of anti-risk sentiments pushed USD/JPY to the intraday low of 101.64 where the downside stalled. Technically, 101.70 support is deemed strong as it has been constraining the bearish attempts since Tuesday. Nikkei 225 eded the session flat, so now the focus shifts on European stock markets and Wall Street. The downside may lead to new JPY gains, while positive labour market data published during American hours might support USD and trigger the USD/JPY upside correction into the end of the week.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.96, with support below at 101.75, 101.51 and 101.30 with resistance above at 102.20, 102.41, and 102.66. Hourly Moving Averages are largely bearish, with the 200SMA at 103.14 and the daily 20EMA at 102.66. Hourly RSI is bearish at 44.