USD/JPY takes a respite at 101.65 in Asia

FXStreet (Moscow) - USD/JPYhas been relatively quiet, consolidating in 101.70-90 range and waiting for new catalysts

USD/JPY is on the verge of deeper correction

USD/JPY lost more than 100 pips whirled in the violent anti-risk storm that hit the markets on Thursday. It was a pure speculative play, as those who had ignored Russia/Ukraine risks and enjoyed their carry trades the whole week, started to square they positions to be on the safe side ahead of a big geopolitical risk event, such as Crimea referendum. The chances are that the history will repeats itself today. Speculative moves, position adjustments and hunt for safety have been the typical order on the day on Fridays lately. The market may be violent, so keep an eye at important technical levels: on the downside the immediate support comes at US session low of 101.54, once it is broken, the focus will shift to 101.20. On the upside, fresh offers are seen at 102.00 followed by 102.30.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.09, with support below at 101.29, 100.74 and 99.95, with resistance above at 102.64, 103.43, and 103.98. Hourly Moving Averages are bearish, with the 200SMA at 102.64 and the daily 20EMA at 102.50. Hourly RSI is neutral at 32.