6 Mar 2014
USD/JPY has retraced from Asian highs
FXStreet (Moscow) - USD/JPY retraced from the Asian highs at 102.75 to the current level of 102.64 as traders take profit after a sharp gains.
JPY turns to the South
The Japanese currency has fallen a victim of several factors today in Asia. First, Japanese government advisory panel said that the pension fund no longer needs to focus on domestic bonds, which means that the demand for JGB may fall in the long-run. This pushed the Japanese stocks higher and increased pressure on JPY across the board as the currency is negatively correlated to stock market dynamics. Moreover, BOJ’s Iwatta confirmed the central bank is determined to reach its inflation goal of 2% and do «whatever it takes». The key levels to watch: 102.60 is the closes support level, followed by 102.40-30 zone. The resistance comes at 102.90.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.33, with support below at 102.09, 101.87 and 101.63, with resistance above at 102.55, 102.79, and 103.01. Hourly Moving Averages are mixed, with the 200SMA at 102.12 and the daily 20EMA at 102.25. Hourly RSI is neutral at 65.
JPY turns to the South
The Japanese currency has fallen a victim of several factors today in Asia. First, Japanese government advisory panel said that the pension fund no longer needs to focus on domestic bonds, which means that the demand for JGB may fall in the long-run. This pushed the Japanese stocks higher and increased pressure on JPY across the board as the currency is negatively correlated to stock market dynamics. Moreover, BOJ’s Iwatta confirmed the central bank is determined to reach its inflation goal of 2% and do «whatever it takes». The key levels to watch: 102.60 is the closes support level, followed by 102.40-30 zone. The resistance comes at 102.90.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.33, with support below at 102.09, 101.87 and 101.63, with resistance above at 102.55, 102.79, and 103.01. Hourly Moving Averages are mixed, with the 200SMA at 102.12 and the daily 20EMA at 102.25. Hourly RSI is neutral at 65.