USD/JPY is waltzing around 102.00

FXStreet (Moscow) - USD/JPY is struggling at 102.00 pivot. The pair set the Asian high at 102.06, but the gains were not sustained as it quickly returned to 101.96.

Fragile balance of trade

USD/JPY dipped to 101.71 low on Monday, but the bears success was anything but spectacular. The pair is dancing around 101.80, as investors are not ready to make hard and fast decisions ahead of the key risk event of the week, namely FOMC meeting, scheduled on Wednesday. The pair is expected to rock on the waves of risk sentiments during European and early American hours, waiting for the Japanese trade balance report published late in the evening. The numbers are forecasted to show that the trade deficit grew larger in May partially due to weaker export sector suffering from stronger JPY.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.89, with support below at 101.67, 101.49 and 101.27 with resistance above at 102.06, 102.28, and 102.46. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.22 and the daily 20EMA at 102.08. Hourly RSI is bullish at 66.