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17 Apr 2014
USD/JPY recovers to 102.00 after central bank selling
FXStreet (Moscow) - USD/JPY came back to 102.00 resistance after morning sell-off which brought the pair to 101.86 low.
Negotiations, negotiations…
USD/JPY bounced back from 102.20/30 on investment bank selling (some central bank rumored) reaching 101.86 session low, but coming back to 102.00 area by the moment. Given the lack of economic reports the market attention may focus on geopolitical tensions, especially on the back of the scheduled for today four-sided meeting between Russia, Ukraine, the EU, and the USA in Geneva. If we see any new positive developments in this field, it may fuel the interest to riskier assets, and suppot the pair move higher with initial target at 102.47 resistance level. Any hints on possible escalation of conflict, and problems with gas transition will send the pair back to recent lows.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.14, with support below at 101.90, 101.56 and 101.32 with resistance above at 102.47, 102.71, and 103.04. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.12 and the daily 20EMA at 102.34. Hourly RSI is bearish at 32.
Negotiations, negotiations…
USD/JPY bounced back from 102.20/30 on investment bank selling (some central bank rumored) reaching 101.86 session low, but coming back to 102.00 area by the moment. Given the lack of economic reports the market attention may focus on geopolitical tensions, especially on the back of the scheduled for today four-sided meeting between Russia, Ukraine, the EU, and the USA in Geneva. If we see any new positive developments in this field, it may fuel the interest to riskier assets, and suppot the pair move higher with initial target at 102.47 resistance level. Any hints on possible escalation of conflict, and problems with gas transition will send the pair back to recent lows.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.14, with support below at 101.90, 101.56 and 101.32 with resistance above at 102.47, 102.71, and 103.04. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.12 and the daily 20EMA at 102.34. Hourly RSI is bearish at 32.