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26 Feb 2014
USD/JPY bears are in control again
FXStreet (Moscow) - Failed attempt to break above the resistance area of 102.36/40 caused the downside correction in USD/JPY. 102.20 is within reach now.
What will oust USD/JPY from the range?
USD/JPY came close to the sacramental 102.00 support yesterday, as the Yen was in demand due to broad based safe-heaven rush. Though Asian traders used the opportunity to sell the Japanese currency as the USD/JPY and JPY crosses grew higher early in Asia without obvious fundamental factors to back the movement (apart from the news that the Chinese Yuan stopped falling). But USD/JPY fortune turned on a dime as the pair reached the area of minor stoops at 102.40. News sellers snatched the initiative and pushed the pair down to 102.20. If this interim support is broken, USD/JPY may fall to the Asian low at 102.12 and then to 102.00. The resistance is still at 102.36/40 and followed by 102.65/70 where strong demand from exporters is seen.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.27, with support below at 101.91, 101.64 and 101.27, with resistance above at 102.55, 102.91, and 103.18. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.20 and the daily 20EMA at 102.44. Hourly RSI is neutral at 55.
What will oust USD/JPY from the range?
USD/JPY came close to the sacramental 102.00 support yesterday, as the Yen was in demand due to broad based safe-heaven rush. Though Asian traders used the opportunity to sell the Japanese currency as the USD/JPY and JPY crosses grew higher early in Asia without obvious fundamental factors to back the movement (apart from the news that the Chinese Yuan stopped falling). But USD/JPY fortune turned on a dime as the pair reached the area of minor stoops at 102.40. News sellers snatched the initiative and pushed the pair down to 102.20. If this interim support is broken, USD/JPY may fall to the Asian low at 102.12 and then to 102.00. The resistance is still at 102.36/40 and followed by 102.65/70 where strong demand from exporters is seen.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.27, with support below at 101.91, 101.64 and 101.27, with resistance above at 102.55, 102.91, and 103.18. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.20 and the daily 20EMA at 102.44. Hourly RSI is neutral at 55.