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28 Mar 2014
USD/JPY stopped dead right above pivotal support of 102.00
FXStreet (Moscow) - USD/JPY is rangebound early in Asia; the pivotal support of 102.00 is intact.
USD/JPY bears must be kicking themselves
It was too early for USD/JPY bears to lie on their oars. They were too happy to get the pair out of the range, that completely lost the sense of danger. As a result the bulls snatched the initiative and returned USD/JPY above 102.00. Hard to say when this pushing and pulling come to an end. A series of lower highs on the daily charts suggests that the downside bias is stronger, though nothing can be said for sure until 102.00 support is kept intact. USD/JPY touched the low of 102.02 on the back of surprisingly bad household spending numbers, but strong demand located around that level pushed it back to 102.17. The week, the month, the quarter and even the financial year is drawing to an end, so the traders may prefer to put new investment decisions on hold. From the technical point of view, 102.00 is still the key. Once it is broken, the downside will accelerate to 101.60 (another area of strong demand). On the upside the resistance is seen at current Asian high of 102.26 and 102.50 with medium offers on approach.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.12, with support below at 101.78, 101.38 and 101.05 with resistance above at 102.52, 102.85, and 103.25. Hourly Moving Averages are mixed, with the 200SMA at 102.11 and the daily 20EMA at 102.23. Hourly RSI is neutral at 50.
USD/JPY bears must be kicking themselves
It was too early for USD/JPY bears to lie on their oars. They were too happy to get the pair out of the range, that completely lost the sense of danger. As a result the bulls snatched the initiative and returned USD/JPY above 102.00. Hard to say when this pushing and pulling come to an end. A series of lower highs on the daily charts suggests that the downside bias is stronger, though nothing can be said for sure until 102.00 support is kept intact. USD/JPY touched the low of 102.02 on the back of surprisingly bad household spending numbers, but strong demand located around that level pushed it back to 102.17. The week, the month, the quarter and even the financial year is drawing to an end, so the traders may prefer to put new investment decisions on hold. From the technical point of view, 102.00 is still the key. Once it is broken, the downside will accelerate to 101.60 (another area of strong demand). On the upside the resistance is seen at current Asian high of 102.26 and 102.50 with medium offers on approach.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.12, with support below at 101.78, 101.38 and 101.05 with resistance above at 102.52, 102.85, and 103.25. Hourly Moving Averages are mixed, with the 200SMA at 102.11 and the daily 20EMA at 102.23. Hourly RSI is neutral at 50.