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20 Mar 2014
USD/JPY is moving lower to 102.10
FXstreet.com (Moscow) – USD/JPY started the day at 102.48 and since that time slowly moved to the south reaching session low at 102.21.
Nothing to move on
The pair is in corrective mode, with possibility to move down to initial support level at 102.10 central pivot point. As the key economic events of the week has gone away, the pair will need to find some new catalysts to move on. The most important for the currencies for now will be the comments of the officials on future relationships between the West and Russia. The G7 meeting is rumored to be held someday next week, and if the conclusions of the event will be of the same mild nature, it may boost the interest to risky assets. For today stay tuned on the US economic data that may trigger some mild reaction in the market. The US unemployment claims, housing and Philly Fed Manufacturing Index are second-tier data, but if all these will show better than expected data, it may support the move to 102.92 resistance level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.10, with support below at 101.51, 100.69 and 100.10, with resistance above at 102.92, 103.51, and 104.33. Hourly Moving Averages are bullish, with the 200SMA at 102.31 and the daily 20EMA at 102.25. Hourly RSI is neutral at 73.
Nothing to move on
The pair is in corrective mode, with possibility to move down to initial support level at 102.10 central pivot point. As the key economic events of the week has gone away, the pair will need to find some new catalysts to move on. The most important for the currencies for now will be the comments of the officials on future relationships between the West and Russia. The G7 meeting is rumored to be held someday next week, and if the conclusions of the event will be of the same mild nature, it may boost the interest to risky assets. For today stay tuned on the US economic data that may trigger some mild reaction in the market. The US unemployment claims, housing and Philly Fed Manufacturing Index are second-tier data, but if all these will show better than expected data, it may support the move to 102.92 resistance level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.10, with support below at 101.51, 100.69 and 100.10, with resistance above at 102.92, 103.51, and 104.33. Hourly Moving Averages are bullish, with the 200SMA at 102.31 and the daily 20EMA at 102.25. Hourly RSI is neutral at 73.