9 May 2014
USD/JPY is trading in the middle of short-term range
FXStreet (Moscow) - USD/JPY opened the day at 101.65, reached session high at 101.75, but retreated to 101.70 area by the moment.
Still in the range
The pair is still caged in narrow ranges of 101.40-102.00, and hardly is there anything that can take it out. The FED neutral monetary stance works against the USD in this pair given the still neutral position of the BOJ. The market has long been pricing in the nearing additional easing from the Bank of Japan, and now it realized that the Japanese monetary authorities are in no hurry to stimulate the national economy for now. Thus, the further reduction of longs is not ruled out with the possibility of moving lower with the next target at 101.42 support level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.69, with support below at 101.42, 101.18 and 100.91 with resistance above at 101.93, 102.20, and 102.44. Hourly Moving Averages are mixed, with the 200SMA at 102.10 and the daily 20EMA bearish at 102.20. Hourly RSI is bullish at 51.
Still in the range
The pair is still caged in narrow ranges of 101.40-102.00, and hardly is there anything that can take it out. The FED neutral monetary stance works against the USD in this pair given the still neutral position of the BOJ. The market has long been pricing in the nearing additional easing from the Bank of Japan, and now it realized that the Japanese monetary authorities are in no hurry to stimulate the national economy for now. Thus, the further reduction of longs is not ruled out with the possibility of moving lower with the next target at 101.42 support level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.69, with support below at 101.42, 101.18 and 100.91 with resistance above at 101.93, 102.20, and 102.44. Hourly Moving Averages are mixed, with the 200SMA at 102.10 and the daily 20EMA bearish at 102.20. Hourly RSI is bullish at 51.