29 May 2014
USD/JPY is on the way to last week lows
FXStreet (Moscow) - USD/JPY opened the day at 101.83, reached weekly low at 101.52, and rebounded just slightly at the moment.
Is it the eve of downtrend?
Mixed moves of European markets at the open again brought risk aversion to the markets, thus triggering demand for safe heaven yen. Today’s trades may be dominated by US economic data as Q1 GDP, Unemployment Claims, and Pending Home Sales are released. Although the American growth numbers reflect the economic health back in the beginning of the year dominated by bad weather conditions, weaker than expected readings may send the pair tumbling, as the market fears the FED stance over the economy was too optimistic. The pair already peaked on Tuesday coming just above 102.00, and since that time has been in retreat. The next target to the downside may become 101.43 support level, while a rebound to 102.05 is not ruled out.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.84, with support below at 101.64, 101.43 and 101.23 with resistance above at 102.05, 102.26, and 102.47. Hourly Moving Averages are bearish, with the 200SMA at 101.89 and the daily 20EMA at 101.88. Hourly RSI is bearish at 40
Is it the eve of downtrend?
Mixed moves of European markets at the open again brought risk aversion to the markets, thus triggering demand for safe heaven yen. Today’s trades may be dominated by US economic data as Q1 GDP, Unemployment Claims, and Pending Home Sales are released. Although the American growth numbers reflect the economic health back in the beginning of the year dominated by bad weather conditions, weaker than expected readings may send the pair tumbling, as the market fears the FED stance over the economy was too optimistic. The pair already peaked on Tuesday coming just above 102.00, and since that time has been in retreat. The next target to the downside may become 101.43 support level, while a rebound to 102.05 is not ruled out.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.84, with support below at 101.64, 101.43 and 101.23 with resistance above at 102.05, 102.26, and 102.47. Hourly Moving Averages are bearish, with the 200SMA at 101.89 and the daily 20EMA at 101.88. Hourly RSI is bearish at 40