29 May 2014
USD/JPY bears have paused at 101.70 support
FXStreet (Moscow) - USD/JPY has settled at 101.70 after reaching the current low of 101.64. The pair is down on the day.
JPY ignores bad news
Japanese retail sales plunge in April was quite expected as the Japanese consumers scaled back their spending after a shopping binge ahead of the sales tax increase. This explains why the market turned a deaf ear to a rather pessimistic report. The JPY is gaining ground even despite the BOJ officials attempts to talk it down by dovish comments. The pair may test the support of 101.50 if the risk sentiments continue to worsen during the day. Currently Japanese stock markets dynamics is mixed with slightly bearish bias. The upside correction may be limited by 101.80/90.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.84, with support below at 101.64, 101.43 and 101.23 with resistance above at 102.05, 102.26, and 102.47. Hourly Moving Averages are bearish, with the 200SMA at 101.89 and the daily 20EMA at 101.88. Hourly RSI is bearish at 40
JPY ignores bad news
Japanese retail sales plunge in April was quite expected as the Japanese consumers scaled back their spending after a shopping binge ahead of the sales tax increase. This explains why the market turned a deaf ear to a rather pessimistic report. The JPY is gaining ground even despite the BOJ officials attempts to talk it down by dovish comments. The pair may test the support of 101.50 if the risk sentiments continue to worsen during the day. Currently Japanese stock markets dynamics is mixed with slightly bearish bias. The upside correction may be limited by 101.80/90.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.84, with support below at 101.64, 101.43 and 101.23 with resistance above at 102.05, 102.26, and 102.47. Hourly Moving Averages are bearish, with the 200SMA at 101.89 and the daily 20EMA at 101.88. Hourly RSI is bearish at 40