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21 Feb 2014
USD/JPY is in recovery mode; 102.70 is in sight
FXStreet (Moscow) - USD/JPY is climbing higher during Asian hours as the pair started the day at 102.30 and moved close to the interim resistance at 102.50.
USD/JPY is longing for powerful triggers
I can’t believe it! USD/JPY closed above 102.00 on Thursday after touching lows 101.67. Again! The currency pair began recovering during European session and even weak Philly Fed release couldn’t lead it astray. Bank of Japan monetary policy meeting minutes published earlier today was a complete non-event, though it was mentioned that the QE might not be limited to a 2-year time frame. Two doji candles with long bearish shadows on daily charts suggest that bearish dynamic cannot gain momentum and more powerful trigger is needed to break this vicious circle. We doubt that the pair will get one today, though the comments from G10 that has started today, might prove to be life-changing in terms of risk sentiments and general market movements. Let us wait and see. In the sort-term, the closest support comes at 102.20 and followed by bespoke 102.00, while the resistance is seen at 102.70-103.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.13, with support below at 101.83, 101.37 and 101.07, with resistance above at 102.60, 102.90, and 103.36. Hourly Moving Averages are bullish, with the 200SMA at 102.18 and the daily 20EMA at 102.43. Hourly RSI is neutral at 62.
USD/JPY is longing for powerful triggers
I can’t believe it! USD/JPY closed above 102.00 on Thursday after touching lows 101.67. Again! The currency pair began recovering during European session and even weak Philly Fed release couldn’t lead it astray. Bank of Japan monetary policy meeting minutes published earlier today was a complete non-event, though it was mentioned that the QE might not be limited to a 2-year time frame. Two doji candles with long bearish shadows on daily charts suggest that bearish dynamic cannot gain momentum and more powerful trigger is needed to break this vicious circle. We doubt that the pair will get one today, though the comments from G10 that has started today, might prove to be life-changing in terms of risk sentiments and general market movements. Let us wait and see. In the sort-term, the closest support comes at 102.20 and followed by bespoke 102.00, while the resistance is seen at 102.70-103.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.13, with support below at 101.83, 101.37 and 101.07, with resistance above at 102.60, 102.90, and 103.36. Hourly Moving Averages are bullish, with the 200SMA at 102.18 and the daily 20EMA at 102.43. Hourly RSI is neutral at 62.