Back
12 Mar 2014
USD/JPY bulls don’t give up!
FXStreet (Moscow) - USD/JPY rebounded from the intraday lows of 102.77 to the resistance level (former support) of 103.00
USD/JPY is out of the range
USD/JPY was moving within a congested sideways pattern for sometime already as traders waited for new catalysts, either macro economical or geopolitical, and they got one on Tuesday evening in the form of general anti-risk rush. The pair closed below and important 103.00 level, at 102.88 and continued sliding in Asia on Wednesday. The bears tried to take to the support zone of 102.80/70, but failed. BIS manufacturing Index for Q1 published earlier today came at 12.5 against expectations of 11.3, coupled with bearish stock market developments, this helped the pair to rebound from the intraday lows to the resistance 0f 103.00. Considering that there are no interesting USD/JPY-related events during European hours, the pair is likely to go on oscillating within its current channel limited by 103.00 on the upside and 102.50 (importer demand) on the downside. The bulls need to break above 103.00 to improve the situation.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.10, with support below at 102.76, 102.50 and 102.16, with resistance above at 103.37, 103.71, and 103.97. Hourly Moving Averages are mostly bullish, with the 200SMA at 103.18 and the daily 20EMA at 102.55. Hourly RSI is neutral at 56.
USD/JPY is out of the range
USD/JPY was moving within a congested sideways pattern for sometime already as traders waited for new catalysts, either macro economical or geopolitical, and they got one on Tuesday evening in the form of general anti-risk rush. The pair closed below and important 103.00 level, at 102.88 and continued sliding in Asia on Wednesday. The bears tried to take to the support zone of 102.80/70, but failed. BIS manufacturing Index for Q1 published earlier today came at 12.5 against expectations of 11.3, coupled with bearish stock market developments, this helped the pair to rebound from the intraday lows to the resistance 0f 103.00. Considering that there are no interesting USD/JPY-related events during European hours, the pair is likely to go on oscillating within its current channel limited by 103.00 on the upside and 102.50 (importer demand) on the downside. The bulls need to break above 103.00 to improve the situation.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.10, with support below at 102.76, 102.50 and 102.16, with resistance above at 103.37, 103.71, and 103.97. Hourly Moving Averages are mostly bullish, with the 200SMA at 103.18 and the daily 20EMA at 102.55. Hourly RSI is neutral at 56.