14 Apr 2014
USD/JPY is as quiet as a mouse early on Monday
FXStreet (Moscow) - USD/JPY is off the intraday lows of 101.41 and stuck in a narrow range
White-knuckle time for USD/JPY
USD/JPY came close to its pivotal long term support level of 101.30 on the back of broadband JPY strengthening during the previous week. Considering the fact that this level has been demotivating bears since the end of January, it’s going to be hard to break it. Technically, the upside correction may be in store this week. Fundamentally, the picture is not that clear. We have inflation numbers, industrial production and a couple of Kuroda speeches and heightened geopolitical risks to crown it all this week. Nakaso from BOJ mentioned financial imbalances that might be caused by the aggressive QE. He didn't comment on the outlook for monetary policy, but the mere mentioning of exit strategies may be a white-knuckle thing. On the intraday basis the closes support is seen at 101.42 followed by 101.30. The resistance comes at 101.62 and 101.95/00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.60, with support below at 101.32, 101.04 and 100.76 with resistance above at 101.88, 102.16, and 102.44. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.81 and the daily 20EMA at 102.46. Hourly RSI is bearish at 49.
White-knuckle time for USD/JPY
USD/JPY came close to its pivotal long term support level of 101.30 on the back of broadband JPY strengthening during the previous week. Considering the fact that this level has been demotivating bears since the end of January, it’s going to be hard to break it. Technically, the upside correction may be in store this week. Fundamentally, the picture is not that clear. We have inflation numbers, industrial production and a couple of Kuroda speeches and heightened geopolitical risks to crown it all this week. Nakaso from BOJ mentioned financial imbalances that might be caused by the aggressive QE. He didn't comment on the outlook for monetary policy, but the mere mentioning of exit strategies may be a white-knuckle thing. On the intraday basis the closes support is seen at 101.42 followed by 101.30. The resistance comes at 101.62 and 101.95/00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.60, with support below at 101.32, 101.04 and 100.76 with resistance above at 101.88, 102.16, and 102.44. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.81 and the daily 20EMA at 102.46. Hourly RSI is bearish at 49.