USD/JPY bears are at the helm; 101.50 support is under threat

FXStreet (Moscow) - USD/JPY has retreated from the Asian high at 101.78 to trade at 101.53 as anti-risk sentiments keep JPY in demand

Out of the range

USD/JPY ended Tuesday substantially below the pivotal level of 102.00 as the US currency weakened across the board, while geopolitical situation went from bad to worse, forcing investors to seek safety in Japanese currency. Early in Asia USD/JPY consolidates losses incurred during previous sessions, but the chances are that the pair will resume its downside quest. Japanese investors returned to their desks from Golden Week and pushed Nikkei 225 down. The stock market slide may support JPY demand across the board. During European session follow geopolitical news as this is the key drive for USD/JPY so far. The key levels to watch: 101.85 on the upside and 101.50 followed by 101.20 with strong demand on approach on the downside

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.80, with support below at 101.39, 101.09 and 100.68 with resistance above at 102.10, 102.52, and 102.82. Hourly Moving Averages are bearish, with the 200SMA at 102.24 and the daily 20EMA at 102.29. Hourly RSI is bearish at 37