10 Apr 2014
USD/JPY may touch 101.30, and resume the rise
FXStreet (Moscow) - USD/JPY drifts lower during the European session posting 101.42 session low by the moment.
When the sell-factors fade away
The recent sell-off of the pair was triggered by several factors, and now almost all of them faded away, except for the risk aversive moods due to Ukrainian tensions. And the recent reaction the dovish FOMC minutes only support the view – the pair stepped into oversold territory, and the time to gather stones is coming. Since there are minimum reasons for the Yen to go on rising, the pair may reach the bottom around 101.30 support level, and turn around back to 102.00 resistance. This area of support already triggered the rebound back in the middle of March, and now we may see the same. The scheduled for today US Initial Claims data may become the needed fundamental trigger of the move.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.96, with support below at 101.75, 101.51 and 101.30 with resistance above at 102.20, 102.41, and 102.66. Hourly Moving Averages are largely bearish, with the 200SMA at 103.14 and the daily 20EMA at 102.66. Hourly RSI is bearish at 44.
When the sell-factors fade away
The recent sell-off of the pair was triggered by several factors, and now almost all of them faded away, except for the risk aversive moods due to Ukrainian tensions. And the recent reaction the dovish FOMC minutes only support the view – the pair stepped into oversold territory, and the time to gather stones is coming. Since there are minimum reasons for the Yen to go on rising, the pair may reach the bottom around 101.30 support level, and turn around back to 102.00 resistance. This area of support already triggered the rebound back in the middle of March, and now we may see the same. The scheduled for today US Initial Claims data may become the needed fundamental trigger of the move.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.96, with support below at 101.75, 101.51 and 101.30 with resistance above at 102.20, 102.41, and 102.66. Hourly Moving Averages are largely bearish, with the 200SMA at 103.14 and the daily 20EMA at 102.66. Hourly RSI is bearish at 44.