1 May 2014
USD/JPY is bored for lack of momentum
FXStreet (Moscow) - USD/JPY retraced from Asian lows of 102.13 and settled at 102.30 on a quiet Asian session
What does Yellen have to say?
USD/JPY lost nearly everything it had gained during the first two days of the week. The bears drove the pair to the support level of 102.00, but did not venture a move lower. The negative sentiments were caused by general USD weakness on the back of awful 1Q GDP numbers. On a longer-term scale, USD/JPY is sidelined. The movements are limited by 102.00 on the downside and 102.70 on the upside, and we need a sustained break of either level to make USD/JPY dynamics more directional. Later during the day investors attention will be concentrated on US macro statistics and Yellen’s speech. FOMC meeting passed without surprises; the markets hope to hear something new from the Fed’s head, but we are skeptical of it.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.31, with support below at 101.96, 101.67 and 101.32 with resistance above at 102.60, 102.96, and 103.25. Hourly Moving Averages are bearish, with the 200SMA at 102.43 and the daily 20EMA at 102.44. Hourly RSI is bearish at 44
What does Yellen have to say?
USD/JPY lost nearly everything it had gained during the first two days of the week. The bears drove the pair to the support level of 102.00, but did not venture a move lower. The negative sentiments were caused by general USD weakness on the back of awful 1Q GDP numbers. On a longer-term scale, USD/JPY is sidelined. The movements are limited by 102.00 on the downside and 102.70 on the upside, and we need a sustained break of either level to make USD/JPY dynamics more directional. Later during the day investors attention will be concentrated on US macro statistics and Yellen’s speech. FOMC meeting passed without surprises; the markets hope to hear something new from the Fed’s head, but we are skeptical of it.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.31, with support below at 101.96, 101.67 and 101.32 with resistance above at 102.60, 102.96, and 103.25. Hourly Moving Averages are bearish, with the 200SMA at 102.43 and the daily 20EMA at 102.44. Hourly RSI is bearish at 44