10 Feb 2014
USD/JPY is rangebound, but bears are on the alert
FXStreet (Moscow) -USD/JPY started this new week at 102.52, but dropped to 102.30 during Tokyo hours as Asian stock indices opened in green zone.
USD/JPY movements will be shaped by Dollar sentiments
USD/JPY is again above 102.00 despite rather dismal Non-Farm Payrolls report that came out worse than expected, but better than in December. Dollar aggressive movements reflect the investors fears about FOMC tapering process and about what weak NFP data may do to it. This touchy issue will continue to dominate the market sentiment this week. In this context we need to may close attention to JPY and stock market correlation. It weakened a bit, but it would be too careless to disregard it completely yet. According to the MoF data, Japanese trade deficit reduced to 1212 bn. yen in December from 1254 bn. yen in Novermber, while current account deficit reached new record high. This news passed merely unnoticed as the traders minds are occupied by different problems. We do not have any data from USA today, so the USD/JPY movements are left at the mercy of speculations and technical factors. The closes support levee comes at 102.00 and followed by 101.45. The resistance is seen at 102.75 and 102.90-103.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.10, with support below at 101.60, 100.94 and 100.44, with resistance above at 102.76, 103.26, and 103.92. Hourly Moving Averages are bullish, with the 200SMA at 102.03 and the daily 20EMA at 102.73. Hourly RSI is neutral at 58.
USD/JPY movements will be shaped by Dollar sentiments
USD/JPY is again above 102.00 despite rather dismal Non-Farm Payrolls report that came out worse than expected, but better than in December. Dollar aggressive movements reflect the investors fears about FOMC tapering process and about what weak NFP data may do to it. This touchy issue will continue to dominate the market sentiment this week. In this context we need to may close attention to JPY and stock market correlation. It weakened a bit, but it would be too careless to disregard it completely yet. According to the MoF data, Japanese trade deficit reduced to 1212 bn. yen in December from 1254 bn. yen in Novermber, while current account deficit reached new record high. This news passed merely unnoticed as the traders minds are occupied by different problems. We do not have any data from USA today, so the USD/JPY movements are left at the mercy of speculations and technical factors. The closes support levee comes at 102.00 and followed by 101.45. The resistance is seen at 102.75 and 102.90-103.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.10, with support below at 101.60, 100.94 and 100.44, with resistance above at 102.76, 103.26, and 103.92. Hourly Moving Averages are bullish, with the 200SMA at 102.03 and the daily 20EMA at 102.73. Hourly RSI is neutral at 58.