29 Apr 2014
USD/JPY is in wait-and-see mode
FXStreet (Moscow) - USD/JPY is rangebound on a quiet Asian session, as Japanese markets are closed today
Mind the technical levels!
USD/JPY had its first positive daily close in a week as the pair gain support from slightly better than expected US pending home sales report and improved risk sentiments that reduced demand for safe-heaven JPY. Japanese markets are closed for Showa Day, so the pair is sitting in a tight range limited by 102.46 and 102.54 consolidating yesterday’s gains. USD/JPY lives by technical laws today as there are few fundamental factors to build the strategy on. Later during the day geopolitical issues will come into play. New and highly welcome signs of de-escalation may push USD/JPY, though the bulls will need to break above medium offers at 102.65 to extend rally to 102.90//00. Strong offers on approach will limit the upside on the intraday basis. The downside will be limited by 102.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.39, with support below at 102.14, 101.79 and 101.54 with resistance above at 102.74, 102.99, and 103.34. Hourly Moving Averages are bullish , with the 200SMA at 102.38 and the daily 20EMA at 102.39. Hourly RSI is bullish at 59.
Mind the technical levels!
USD/JPY had its first positive daily close in a week as the pair gain support from slightly better than expected US pending home sales report and improved risk sentiments that reduced demand for safe-heaven JPY. Japanese markets are closed for Showa Day, so the pair is sitting in a tight range limited by 102.46 and 102.54 consolidating yesterday’s gains. USD/JPY lives by technical laws today as there are few fundamental factors to build the strategy on. Later during the day geopolitical issues will come into play. New and highly welcome signs of de-escalation may push USD/JPY, though the bulls will need to break above medium offers at 102.65 to extend rally to 102.90//00. Strong offers on approach will limit the upside on the intraday basis. The downside will be limited by 102.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.39, with support below at 102.14, 101.79 and 101.54 with resistance above at 102.74, 102.99, and 103.34. Hourly Moving Averages are bullish , with the 200SMA at 102.38 and the daily 20EMA at 102.39. Hourly RSI is bullish at 59.