2 Jun 2014
USD/JPY clings to 102.00 pivot
FXStreet (Moscow) - USD/JPY take painss to hold above the pivotal level of 102.00 on the back of overall JPY weakening.
JPY is in retreat
Japanese stock market bulls snatched the initiative and pushed Nikkei 225 higher by 1.79%, at 14894.80 early in Tokyo today. This is a clearly bearish factor for the JPY that is negatively correlated with the stock market developments. Later during the day much will depend on whether the pair manages to keep the ground above 102.00 as this resistance level has been rejected on several times. On the upside, minor offers at 102.10 is the first line of resistance for bulls, though this is a weak hurdle that may be taken out during European hours if the risk sentiments continue to improve. Then 102.25/30 level will come into play.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.70, with support below at 101.53, 101.31 and 101.15 with resistance above at 101.92, 102.08, and 102.31. Hourly Moving Averages are bullish, with the 200SMA at 101.71 and the daily 20EMA at 101.86. Hourly RSI is bullish at 71.
JPY is in retreat
Japanese stock market bulls snatched the initiative and pushed Nikkei 225 higher by 1.79%, at 14894.80 early in Tokyo today. This is a clearly bearish factor for the JPY that is negatively correlated with the stock market developments. Later during the day much will depend on whether the pair manages to keep the ground above 102.00 as this resistance level has been rejected on several times. On the upside, minor offers at 102.10 is the first line of resistance for bulls, though this is a weak hurdle that may be taken out during European hours if the risk sentiments continue to improve. Then 102.25/30 level will come into play.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.70, with support below at 101.53, 101.31 and 101.15 with resistance above at 101.92, 102.08, and 102.31. Hourly Moving Averages are bullish, with the 200SMA at 101.71 and the daily 20EMA at 101.86. Hourly RSI is bullish at 71.