4 Jun 2014
USD/JPY is knocking at 102.75 resistance
FXStreet (Moscow) - USD/JPY broke above the resistance zone of 102.50/60 and rushed higher on the talks of Japanese securities house buying. Now the bulls are trying to get through the area of stops at 102.75.
USD/JPY bulls have big plans
USD/JPY has been growing three days in a row. The rise is spectacular as it started the week below 102.00, at 101.80, and now 103.00 resistance is within reach. A mixture of factors, such as milder risk environment and firmer US Treasury yields helped dollar bulls to smash the option barrier located at 102.50, where triggered stops helped USD/JPY to extend the upside. Japanese Services Purchasing Managers Index came out better than expected at 49. in May against 46.4 in April, though JPY traders chose to ignore it as it is still in the contraction zone. During European hours the pair will be influenced mostly by technical factors and USD sentiments. Strong offers seen at 102.80 and on approach to 103.00, might cap the short-term upside and trigger the correction that is likely to be limited by 102.55/50.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.45, with support below at 102.33, 102.14 and 102.02 with resistance above at 102.63, 102.75, and 102.94. Hourly Moving Averages are bullish, with the 200SMA at 101.95 and the daily 20EMA at 101.96. Hourly RSI is bullish at 69.
USD/JPY bulls have big plans
USD/JPY has been growing three days in a row. The rise is spectacular as it started the week below 102.00, at 101.80, and now 103.00 resistance is within reach. A mixture of factors, such as milder risk environment and firmer US Treasury yields helped dollar bulls to smash the option barrier located at 102.50, where triggered stops helped USD/JPY to extend the upside. Japanese Services Purchasing Managers Index came out better than expected at 49. in May against 46.4 in April, though JPY traders chose to ignore it as it is still in the contraction zone. During European hours the pair will be influenced mostly by technical factors and USD sentiments. Strong offers seen at 102.80 and on approach to 103.00, might cap the short-term upside and trigger the correction that is likely to be limited by 102.55/50.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.45, with support below at 102.33, 102.14 and 102.02 with resistance above at 102.63, 102.75, and 102.94. Hourly Moving Averages are bullish, with the 200SMA at 101.95 and the daily 20EMA at 101.96. Hourly RSI is bullish at 69.