12 May 2014
USD/JPY is not ready to go above 102.00
FXStreet (Moscow) - USD/JPY is poking a pivot of 102.00 after opening at 101.84; upside momentum is waning
Where from here
USD/JPY finished week at 101.85, below the pivotal 102.00 but off weekly low at 101.42. The JPY rally was triggered by anti-risk sentiments and broadband USD weakness at the beginning of the week. Later during the week Japan publishes a good deal of important data that will lift a curtain over the economic conditions in Q2. But today the calendar is practically barren so the market movements will be influenced mostly by technical factors.
What price levels and patterns have to be considered?
With spot trading at 101.97, we can see next resistance ahead at 101.97 (Daily Classic R1), 102.03 (Hourly 200 SMA), 102.06 (Daily High), 102.09 (Daily Classic R2) and 102.14 (Weekly High).
Support below can be found at 101.87 (Yesterday's High), 101.85 (Weekly Classic PP), 101.84 (Hourly 20 EMA), 101.79 (Daily Open) and 101.79 (Daily Low).
Where from here
USD/JPY finished week at 101.85, below the pivotal 102.00 but off weekly low at 101.42. The JPY rally was triggered by anti-risk sentiments and broadband USD weakness at the beginning of the week. Later during the week Japan publishes a good deal of important data that will lift a curtain over the economic conditions in Q2. But today the calendar is practically barren so the market movements will be influenced mostly by technical factors.
What price levels and patterns have to be considered?
With spot trading at 101.97, we can see next resistance ahead at 101.97 (Daily Classic R1), 102.03 (Hourly 200 SMA), 102.06 (Daily High), 102.09 (Daily Classic R2) and 102.14 (Weekly High).
Support below can be found at 101.87 (Yesterday's High), 101.85 (Weekly Classic PP), 101.84 (Hourly 20 EMA), 101.79 (Daily Open) and 101.79 (Daily Low).