Back
13 Mar 2014
USD/JPY bulls drag their feet on the rebound
FXStreet (Moscow) - USD/JPY managed to reverse some losses on Thursday morning as positive open in Japanese stock market eased the demand for safe-heaven JPY. The pair is now trading at 102.74 after opening at 102.69.
USD/JPY bulls in retreat
There are little doubts that USD/JPY has topped out after the upside movement form the lows of March 3 at 101.19. The pair has settled below the pivotal 103.00 level and it’s hard to believe that it will return to the old range until the end of the week. From the fundamental point of view there are some macroeconomics reports from the USA scheduled for today. February retail sales numbers will attract investors attention as they are eager to know if bad weather still kept American consumers away from shops. According to the forecasts, the retail sales grew 0.3% in February after falling 0.4% in December. Better than expected numbers may support dollar across the board, though USD/JPY is not going to be strong as the fundamentals pay the second fiddle to the geopolitics nowadays. Markets are nervous and it means that the JPY will be popular. The key numbers to watch: importer demand is likely to limit the short-term downside, while the resistance of 103.00 will cap the upside.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.80, with support below at 102.49, 102.22 and 101.90, with resistance above at 103.07, 103.39, and 103.66. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.55 and the daily 20EMA at 102.57. Hourly RSI is neutral at 41.
USD/JPY bulls in retreat
There are little doubts that USD/JPY has topped out after the upside movement form the lows of March 3 at 101.19. The pair has settled below the pivotal 103.00 level and it’s hard to believe that it will return to the old range until the end of the week. From the fundamental point of view there are some macroeconomics reports from the USA scheduled for today. February retail sales numbers will attract investors attention as they are eager to know if bad weather still kept American consumers away from shops. According to the forecasts, the retail sales grew 0.3% in February after falling 0.4% in December. Better than expected numbers may support dollar across the board, though USD/JPY is not going to be strong as the fundamentals pay the second fiddle to the geopolitics nowadays. Markets are nervous and it means that the JPY will be popular. The key numbers to watch: importer demand is likely to limit the short-term downside, while the resistance of 103.00 will cap the upside.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.80, with support below at 102.49, 102.22 and 101.90, with resistance above at 103.07, 103.39, and 103.66. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.55 and the daily 20EMA at 102.57. Hourly RSI is neutral at 41.