5 May 2014
USD/JPY does its best to climb above 102.00
FXStreet (Moscow) - USD/JPY opened the day at 102.16, reached 3-week low at 101.86, and rebounded just above 102.00 at the moment.
The market has no belief
The Friday’s correction of the pair back to “magic” point of gravitation at 102.20 is not surprising given the usual behavior of the market on Non-Farm Payrolls release. We already got used to the fact that initial direction is traditionally reversed, but this time it was surprising, because the employment numbers were really strong, but still didn’t help to break above 103.00. It means the market doesn’t believe the recent positive reports are enough to change the FED’s mind and speed up the QE3 tapering. And this explains the Asian moves of the pair. Thus, the retreat from current 102.00 area is not ruled out with a help of risk aversion factor. The initial target in this case may become 101.55 support.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.47, with support below at 101.87, 101.55 and 100.97 with resistance above at 102.77, 103.35, and 103.67. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.37 and the daily 20EMA at 102.37. Hourly RSI is bearish at 28
The market has no belief
The Friday’s correction of the pair back to “magic” point of gravitation at 102.20 is not surprising given the usual behavior of the market on Non-Farm Payrolls release. We already got used to the fact that initial direction is traditionally reversed, but this time it was surprising, because the employment numbers were really strong, but still didn’t help to break above 103.00. It means the market doesn’t believe the recent positive reports are enough to change the FED’s mind and speed up the QE3 tapering. And this explains the Asian moves of the pair. Thus, the retreat from current 102.00 area is not ruled out with a help of risk aversion factor. The initial target in this case may become 101.55 support.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.47, with support below at 101.87, 101.55 and 100.97 with resistance above at 102.77, 103.35, and 103.67. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.37 and the daily 20EMA at 102.37. Hourly RSI is bearish at 28