24 Jul 2014
USD/JPY shows hopeless attempts to go higher
FXStreet (Moscow) - USD/JPY opened at 101.47, reached session high at 101.60, but retreated below 101.50 area again posting 101.42 session low; it’s trading around 101.50 now.
Light in the end of the tunnel
USD/JPY is still retreating from the recent highs as current catalysts are not significant enough to help the pair flew out of the cage. Nevertheless, the series of mixed data from Japan is still worth our attention, as it may be the evidence the Japanese economy is running out of fuel being hit by April’s rate hike. Of course it’s too early to speak about the trend, but if the downside risks persist it may push the BOJ to think about the additional stimulus. And that will be the time the pair may rally again.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.45, with support below at 101.35, 101.21 and 101.10 with resistance above at 101.59, 101.70, and 101.84. Hourly Moving Averages are mixed, with the 200SMA bullish at 101.47 and the daily 20EMA bearish at 101.58. Hourly RSI is bullish at 59.
Light in the end of the tunnel
USD/JPY is still retreating from the recent highs as current catalysts are not significant enough to help the pair flew out of the cage. Nevertheless, the series of mixed data from Japan is still worth our attention, as it may be the evidence the Japanese economy is running out of fuel being hit by April’s rate hike. Of course it’s too early to speak about the trend, but if the downside risks persist it may push the BOJ to think about the additional stimulus. And that will be the time the pair may rally again.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.45, with support below at 101.35, 101.21 and 101.10 with resistance above at 101.59, 101.70, and 101.84. Hourly Moving Averages are mixed, with the 200SMA bullish at 101.47 and the daily 20EMA bearish at 101.58. Hourly RSI is bullish at 59.