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17 Apr 2014
USD/JPY dances around 102.00
FXStreet (Moscow) - USD/JPY retraced from Asian lows of 101.86, but it is still below 102.00
The risks and the Dollar
On Wednesday USD/JPY broke above the pivotal 102.00 and closed at 102.30, but the upside caused by general JPY selling and better risk sentiments proved to be unsustainable as the pair returned below the above said pivot in Asia today. The US dollar is weakening across the board, and this drags the pair down. Nikkei moved to the red zone, but the risk sentiments are rather neutral as markets seem to ignore geopolitical factors. If the pair manage to close below 102.00 on a daily basis, the short-term bear case will strengthen, while the bulls need to overcome Wednesday’s high at 102.30 to get a chance for an accelerated upside movement.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.14, with support below at 101.90, 101.56 and 101.32 with resistance above at 102.47, 102.71, and 103.04. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.12 and the daily 20EMA at 102.34. Hourly RSI is bearish at 32.
The risks and the Dollar
On Wednesday USD/JPY broke above the pivotal 102.00 and closed at 102.30, but the upside caused by general JPY selling and better risk sentiments proved to be unsustainable as the pair returned below the above said pivot in Asia today. The US dollar is weakening across the board, and this drags the pair down. Nikkei moved to the red zone, but the risk sentiments are rather neutral as markets seem to ignore geopolitical factors. If the pair manage to close below 102.00 on a daily basis, the short-term bear case will strengthen, while the bulls need to overcome Wednesday’s high at 102.30 to get a chance for an accelerated upside movement.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.14, with support below at 101.90, 101.56 and 101.32 with resistance above at 102.47, 102.71, and 103.04. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.12 and the daily 20EMA at 102.34. Hourly RSI is bearish at 32.