24 Mar 2014
USD/JPY is retracing from Asian highs at 102.57
FXStreet (Moscow) - USD/JPY has retreated from the current Asian high at 102.57 as the bulls are shooed away by fresh offers located above the resistance of 102.50.
USD/JPY is a technical play today
USD/JPY keeps firmly above the pivotal support of 102.00 as the pair finished the previous week at 102.23 and continued to move upwards on Monday morning. Today’s calendar is rather light, so the JPY traders will try to find inspiration in technical and geopolitical factors. Russian-Ukrainian conflict is a a bit stale thing already, at least until new sanctions are announced. It means that JPY has a good chance to continue its short-term upside on the back of the lower safe-heaven demand. Positive Nikkei dynamics is also JPY-negative, as the Japanese currency is negatively correlated with the stock market. The key levels to watch today are: current Asian high at 102.58 followed by option-related offers at 102.70 on the upside and 102.10 (the Asian low) and 102.80 on the downside.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.26, with support below at 102.05, 101.80 and 101.59, with resistance above at 102.50, 102.71, and 102.96. Hourly Moving Averages are bullish, with the 200SMA at 102.10 and the daily 20EMA at 102.27. Hourly RSI is neutral at 57.
USD/JPY is a technical play today
USD/JPY keeps firmly above the pivotal support of 102.00 as the pair finished the previous week at 102.23 and continued to move upwards on Monday morning. Today’s calendar is rather light, so the JPY traders will try to find inspiration in technical and geopolitical factors. Russian-Ukrainian conflict is a a bit stale thing already, at least until new sanctions are announced. It means that JPY has a good chance to continue its short-term upside on the back of the lower safe-heaven demand. Positive Nikkei dynamics is also JPY-negative, as the Japanese currency is negatively correlated with the stock market. The key levels to watch today are: current Asian high at 102.58 followed by option-related offers at 102.70 on the upside and 102.10 (the Asian low) and 102.80 on the downside.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.26, with support below at 102.05, 101.80 and 101.59, with resistance above at 102.50, 102.71, and 102.96. Hourly Moving Averages are bullish, with the 200SMA at 102.10 and the daily 20EMA at 102.27. Hourly RSI is neutral at 57.