6 Feb 2014
USD/JPY keeps its head down ahead of key risk events
FXStreet (Barcelona) - USD/JPY opened at 101.30, but grew past the resistance level of 101.45 to 101.65 in Asia
USD/JPY is getting ready for NFP
Obviously, USD/JPY stabilized above 101.00 level after a short-lived drop below to 100.76. Emerging market frenzy calmed down, risk sentiments improved, and the thrust for safe-heaven assets abated. Japanese Nikkei 225 ended the morning session slightly higher, though it didn’t influence the JPY dynamic as the correlation between the stock index and the currency has weakened a bit. It’s the day before the Non-Farm Payroll report, so the currency movements are defined largely by this green event. Markets are getting ready, positioning and revising their forecasts. Yesterday’s ADP report came out worse than expected. Today we have the weekly jobless claims and Challenger job cuts. Should they fail to live up to expectations, the US Dollar may be pressured down across the board as the market will fret about the condition of the US labor market. The closest support level comes at 101.45 and flowed by 101.00. The resistance is seen at 102.00 with medium offers and stops mixed in.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.32, with support below at 100.86, 100.33 and 99.87, with resistance above at 101.85, 102.31, and 102.84. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.17 and the daily 20EMA at 102.85. Hourly RSI is neutral at 50.
USD/JPY is getting ready for NFP
Obviously, USD/JPY stabilized above 101.00 level after a short-lived drop below to 100.76. Emerging market frenzy calmed down, risk sentiments improved, and the thrust for safe-heaven assets abated. Japanese Nikkei 225 ended the morning session slightly higher, though it didn’t influence the JPY dynamic as the correlation between the stock index and the currency has weakened a bit. It’s the day before the Non-Farm Payroll report, so the currency movements are defined largely by this green event. Markets are getting ready, positioning and revising their forecasts. Yesterday’s ADP report came out worse than expected. Today we have the weekly jobless claims and Challenger job cuts. Should they fail to live up to expectations, the US Dollar may be pressured down across the board as the market will fret about the condition of the US labor market. The closest support level comes at 101.45 and flowed by 101.00. The resistance is seen at 102.00 with medium offers and stops mixed in.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.32, with support below at 100.86, 100.33 and 99.87, with resistance above at 101.85, 102.31, and 102.84. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.17 and the daily 20EMA at 102.85. Hourly RSI is neutral at 50.