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16 Apr 2014
USD/JPY is fueled by Nikkei, rests around 102.20
FXStreet (Moscow) - USD/JPY has finally nested above 102.00 resistance reaching weekly high at 102.29, and trading not far from it by the moment.
When two Thursdays come together
USD/JPY got its fuel from the better performing Nikkei during the Asian trades. Sellers’ interest ahead of 102 was finally cleared away, and the pair rushed up to touch 1-week high at 102.29. Now the pair is torn between two factors – US fundamentals, and geopolitical tensions. The one that proves to be more important for the market will define the further direction of the Yen. For now we see only local confrontation between the citizens of the South-Eastern part of Ukraine, and national military forces, and this only complicates the situation, as the investors are in two minds weather to start risk aversion mode, or to price-in the better than expected American readings. Most probably, we won’t see any clear decisions up till Thursday, when the four-party meeting is scheduled. Thus, the range bound action is not ruled out with initial resistance coming at 102.32, and support – at 101.81.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.81, with support below at 101.61, 101.29 and 100.09 with resistance above at 102.12, 102.32, and 102.64. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.33 and the daily 20EMA at 102.36. Hourly RSI is bullish at 70.
When two Thursdays come together
USD/JPY got its fuel from the better performing Nikkei during the Asian trades. Sellers’ interest ahead of 102 was finally cleared away, and the pair rushed up to touch 1-week high at 102.29. Now the pair is torn between two factors – US fundamentals, and geopolitical tensions. The one that proves to be more important for the market will define the further direction of the Yen. For now we see only local confrontation between the citizens of the South-Eastern part of Ukraine, and national military forces, and this only complicates the situation, as the investors are in two minds weather to start risk aversion mode, or to price-in the better than expected American readings. Most probably, we won’t see any clear decisions up till Thursday, when the four-party meeting is scheduled. Thus, the range bound action is not ruled out with initial resistance coming at 102.32, and support – at 101.81.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.81, with support below at 101.61, 101.29 and 100.09 with resistance above at 102.12, 102.32, and 102.64. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.33 and the daily 20EMA at 102.36. Hourly RSI is bullish at 70.