22 Jul 2014
USD/JPY bulls have a go at 101.50 resistance
FXStreet (Moscow) - USD/JPY opened at 101.39 in Asia and climbed to 101.47 though medium offers on approach to 101.50 hold USD bulls back.
Range for a change
European players helped USD/JPY to reverse some Asian losses and even to finish the day in the green zone. There were few meaningful catalysts on Monday, so the movement is regarded as technically induced. The support of 101.20 seems to be pretty strong and more broadband USD weakness is needed to crack it. Japanese leading indicators might shed some light on the economic outlooks, but they are unlikely to move the markets gripped by geopolitical fears. Later during the day US consumer prices will be in focus. No change of pricing pressure is expected, though any sighs of inflation growing faster might lead to adjustments of first rate hike timing forecasts.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.33, with support below at 101.25, 101.11 and 101.03 with resistance above at 101.48, 101.56, and 101.70. Hourly Moving Averages are mixed, with the 200SMA neutral at 101.46 and the daily 20EMA bearish at 101.61. Hourly RSI is bullish at 58.
Range for a change
European players helped USD/JPY to reverse some Asian losses and even to finish the day in the green zone. There were few meaningful catalysts on Monday, so the movement is regarded as technically induced. The support of 101.20 seems to be pretty strong and more broadband USD weakness is needed to crack it. Japanese leading indicators might shed some light on the economic outlooks, but they are unlikely to move the markets gripped by geopolitical fears. Later during the day US consumer prices will be in focus. No change of pricing pressure is expected, though any sighs of inflation growing faster might lead to adjustments of first rate hike timing forecasts.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.33, with support below at 101.25, 101.11 and 101.03 with resistance above at 101.48, 101.56, and 101.70. Hourly Moving Averages are mixed, with the 200SMA neutral at 101.46 and the daily 20EMA bearish at 101.61. Hourly RSI is bullish at 58.