13 May 2014
USD/JPY strongly positioned above 102
FXStreet (Moscow) - USD/JPY opened the day at 102.11, reached session high at 102.35, and still on the move higher.
US data may help the USD
Positive sentiment of the American indices was enough to encourage traders to buy the USD, and it helped the pair close Monday above 102.00. Today we already see the further move higher helped by strong Nikkei moves. And there will be more reasons to rise, as we will see US Retail Sales. Although the market expects weaker consumer demand in April the recent strength of the labor market still gives us the reason to hope for better than expected readings. If so, we may see the move higher with initial target at 102.69 resistance level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.07, with support below at 101.88, 101.63 and 101.47 with resistance above at 102.29, 102.45, and 102.69. Hourly Moving Averages are bullish, with the 200SMA at 101.97 and the daily 20EMA at 102.16. Hourly RSI is bullish at 74.
US data may help the USD
Positive sentiment of the American indices was enough to encourage traders to buy the USD, and it helped the pair close Monday above 102.00. Today we already see the further move higher helped by strong Nikkei moves. And there will be more reasons to rise, as we will see US Retail Sales. Although the market expects weaker consumer demand in April the recent strength of the labor market still gives us the reason to hope for better than expected readings. If so, we may see the move higher with initial target at 102.69 resistance level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.07, with support below at 101.88, 101.63 and 101.47 with resistance above at 102.29, 102.45, and 102.69. Hourly Moving Averages are bullish, with the 200SMA at 101.97 and the daily 20EMA at 102.16. Hourly RSI is bullish at 74.