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23 Apr 2014
USD/JPY bears try to regain control
FXStreet (Moscow) - USD/JPY touched the Asian low of 102.49 on the Kuroda comments, but bears are in no hurry to push the pair much lower.
USD/JPY is a slow start
USD/JPY was sitting quietly in a 30-pip range the whole Tuesday as traders could not find good reasons to push the pair either way. USD was in retreat across the board as investors were so disillusioned with weaker than expected existing home sales than forgot about strong Richmond FED manufacturing index. This negative dollar trend got the follow through in Asia as USD/JPY moved to current Asian lows of 102.49. BOJ Kuroda was out speaking today. He was confident that everything was going according to the plan. He added that the Bank would not support fiscal stimulus after the inflation target is reached. Obviously, he sounded more hawkish than one might have expected from him, which increased the upside pressure on JPY. Now the neared support comes at 102.39 (minor demand), while the resistance is seen at current Asian high at 102.71
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.59, with support below at 102.43, 102.25 and 102.10 with resistance above at 102.77, 102.92, and 103.10. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.12 and the daily 20EMA at 102.38. Hourly RSI is bearish at 48.
USD/JPY is a slow start
USD/JPY was sitting quietly in a 30-pip range the whole Tuesday as traders could not find good reasons to push the pair either way. USD was in retreat across the board as investors were so disillusioned with weaker than expected existing home sales than forgot about strong Richmond FED manufacturing index. This negative dollar trend got the follow through in Asia as USD/JPY moved to current Asian lows of 102.49. BOJ Kuroda was out speaking today. He was confident that everything was going according to the plan. He added that the Bank would not support fiscal stimulus after the inflation target is reached. Obviously, he sounded more hawkish than one might have expected from him, which increased the upside pressure on JPY. Now the neared support comes at 102.39 (minor demand), while the resistance is seen at current Asian high at 102.71
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.59, with support below at 102.43, 102.25 and 102.10 with resistance above at 102.77, 102.92, and 103.10. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.12 and the daily 20EMA at 102.38. Hourly RSI is bearish at 48.