12 May 2014
USD/JPY is not strong enough to break above 102
FXStreet (Moscow) - USD/JPY opened the day at 101.82, reached session high at 102.04, but retreated to 101.90 area by the moment.
How strong is Japan?
Although the week ahead promises to be quite interesting, both from the American and Japanese side, the markets may take a pause on Monday given the absence of any market-movers. The pair is still under pressure, as the recent data from Japan don’t show any significant deterioration due to April tax hike. Thus, the BOJ has plenty of time to assess the current trades, and think of any additional stimulus need. Scheduled for release Q1 GDP data may be of interest as it will show the exact shape of the economy right before the sales tax was increased. Strong readings may bring another wave of sell-off of the pair with initial target at 101.64 support level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.75, with support below at 101.64, 101.42 and 101.31 with resistance above at 101.97, 102.08, and 102.30. Hourly Moving Averages are bullish, with the 200SMA at 102.02 and the daily 20EMA bearish at 102.17. Hourly RSI is bullish at 51.
How strong is Japan?
Although the week ahead promises to be quite interesting, both from the American and Japanese side, the markets may take a pause on Monday given the absence of any market-movers. The pair is still under pressure, as the recent data from Japan don’t show any significant deterioration due to April tax hike. Thus, the BOJ has plenty of time to assess the current trades, and think of any additional stimulus need. Scheduled for release Q1 GDP data may be of interest as it will show the exact shape of the economy right before the sales tax was increased. Strong readings may bring another wave of sell-off of the pair with initial target at 101.64 support level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.75, with support below at 101.64, 101.42 and 101.31 with resistance above at 101.97, 102.08, and 102.30. Hourly Moving Averages are bullish, with the 200SMA at 102.02 and the daily 20EMA bearish at 102.17. Hourly RSI is bullish at 51.