4 Feb 2014
USD/JPY is trying to claw back some ground above 101.00
FXStreet (Moscow) - USD/JPY managed to restore some lost ground and moved to the current levels of 101.27 after opening at 100.84 as Japanese exporters are not happy with the strong Yen.
USD/JPY bears don’t want to stop the half way.
Now that the support of 102.00 is out of the way, the downside may accelerate, especially if the global investors continue to move to safety. Yesterday the pair closed below 101.00 at 100.84 con riming the long-term negative momentum, though the Asian players obviously decided that the downside was unjustifiably deep as USD/JPY returned above 101.00 even though Nikkei continued to move lower. The USD/JPY traders just yawed at RBA decision, though the AUD/JPY cross rallied strongly. As the European players join the game, the currency pair may retrace some losses, especially if the Eurozone PPI data reminds the investors of the inflation beast haunting the currency union and pushes EUR down. This will have the knock on effect on USD/JPY. The intraday upside is likely to be limited by 101.78 (1h 50 EMA). A close back above 102.50 is needed to improve the short-term picture. The support comes at 101.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.40, with support below at 100.37, 99.75 and 98.72, with resistance above at 102.02, 103.05, and 103.67. Hourly Moving Averages are bearish, with the 200SMA at 102.74 and the daily 20EMA at 103.15. Hourly RSI is neutral at 43.
USD/JPY bears don’t want to stop the half way.
Now that the support of 102.00 is out of the way, the downside may accelerate, especially if the global investors continue to move to safety. Yesterday the pair closed below 101.00 at 100.84 con riming the long-term negative momentum, though the Asian players obviously decided that the downside was unjustifiably deep as USD/JPY returned above 101.00 even though Nikkei continued to move lower. The USD/JPY traders just yawed at RBA decision, though the AUD/JPY cross rallied strongly. As the European players join the game, the currency pair may retrace some losses, especially if the Eurozone PPI data reminds the investors of the inflation beast haunting the currency union and pushes EUR down. This will have the knock on effect on USD/JPY. The intraday upside is likely to be limited by 101.78 (1h 50 EMA). A close back above 102.50 is needed to improve the short-term picture. The support comes at 101.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.40, with support below at 100.37, 99.75 and 98.72, with resistance above at 102.02, 103.05, and 103.67. Hourly Moving Averages are bearish, with the 200SMA at 102.74 and the daily 20EMA at 103.15. Hourly RSI is neutral at 43.