6 Mar 2014
USD/JPY flies high in the sky
FXStreet (Moscow) - USD/JPY is a good runner in Asia as the pair cracked the daily EMA50, absorbed weak stops and dashed to current intraday high at 102.68 following the comments from Fed's Williams that the first rate hike is expected in mid-2015. The bullish bias is still strong.
USD/JPY is back in the old range
USD/JPY performed quite well during Wednesday, despite troubling US labor market statistics. The pair is firmly above 102.00 as it set the intraday high at 102.55 though the gains were not sustained and it closed at 102.32. From the technical point of view the first resistance now comes at 102.70 (exporter offers), if it is taken out, 102.90 will come into sight. The support is seen at 102.00 with fresh demand on approach, it is followed by 101.50/40. Once it is broken, the downside may accelerate to this week’s low and area of strand demand mixed with market stops at 101.19. From the fundamental perspective, the key risk event for today is weekly unemployment claims and Non-farm productivity, as traders will use them to fine-tune their Non-Farm Payroll forecasts. ECB meeting may have a knock on effect on the cross through EUR/JPY dynamics.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.33, with support below at 102.09, 101.87 and 101.63, with resistance above at 102.55, 102.79, and 103.01. Hourly Moving Averages are mixed, with the 200SMA at 102.12 and the daily 20EMA at 102.25. Hourly RSI is neutral at 65.
USD/JPY is back in the old range
USD/JPY performed quite well during Wednesday, despite troubling US labor market statistics. The pair is firmly above 102.00 as it set the intraday high at 102.55 though the gains were not sustained and it closed at 102.32. From the technical point of view the first resistance now comes at 102.70 (exporter offers), if it is taken out, 102.90 will come into sight. The support is seen at 102.00 with fresh demand on approach, it is followed by 101.50/40. Once it is broken, the downside may accelerate to this week’s low and area of strand demand mixed with market stops at 101.19. From the fundamental perspective, the key risk event for today is weekly unemployment claims and Non-farm productivity, as traders will use them to fine-tune their Non-Farm Payroll forecasts. ECB meeting may have a knock on effect on the cross through EUR/JPY dynamics.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.33, with support below at 102.09, 101.87 and 101.63, with resistance above at 102.55, 102.79, and 103.01. Hourly Moving Averages are mixed, with the 200SMA at 102.12 and the daily 20EMA at 102.25. Hourly RSI is neutral at 65.