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10 Mar 2014
USD/JPY bears ran out of steam at the support of 103.00
FXStreet (Moscow) - USD/JPY gapped lower at the opening on Monday and treaded waters below 103.00 support (current Asian low is 102.97).
USD/JPY still aims higher
USD/JPY finished week above 103.00, nearly 200 points higher, and reached a new multi-months high at 103.75 on Friday. US Dollar bulls rejoiced after a seemingly optimistic labor data report, but bumped into strong offers and had to retreat. Earlier today Japan published final annual GDP and trade balance data that came out worse than expected, though the reaction was rather muted. JPY is growing despite rather dismal Japanese macro statistics as the risk-off mode, triggered by poor Chinese trade balance and geopolitical tensions, spurred demand for the safe-heaven Yen. Later during the day we are waiting for EcoWatchers survey that may show a slight decrease of current situation indicator to 54.3 from 54.7 in January. Data in line with the forecast is likely to be left unnoticed, though the numbers are still interesting from the longer-term economical perspective. During the European session USD/JPY will be influenced by technical factors and speculative positioning as there are no interesting events, relevant for the pair. The key levels to watch: 103.55 with minor offers on approach followed by Friday’s high at 103.77 on the upside; 103.00 followed by the area of medium demand at 102.80.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.31, with support below at 102.84, 102.37 and 101.90, with resistance above at 103.79, 104.26, and 104.73. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.24 and the daily 20EMA at 102.42. Hourly RSI is neutral at 48.
USD/JPY still aims higher
USD/JPY finished week above 103.00, nearly 200 points higher, and reached a new multi-months high at 103.75 on Friday. US Dollar bulls rejoiced after a seemingly optimistic labor data report, but bumped into strong offers and had to retreat. Earlier today Japan published final annual GDP and trade balance data that came out worse than expected, though the reaction was rather muted. JPY is growing despite rather dismal Japanese macro statistics as the risk-off mode, triggered by poor Chinese trade balance and geopolitical tensions, spurred demand for the safe-heaven Yen. Later during the day we are waiting for EcoWatchers survey that may show a slight decrease of current situation indicator to 54.3 from 54.7 in January. Data in line with the forecast is likely to be left unnoticed, though the numbers are still interesting from the longer-term economical perspective. During the European session USD/JPY will be influenced by technical factors and speculative positioning as there are no interesting events, relevant for the pair. The key levels to watch: 103.55 with minor offers on approach followed by Friday’s high at 103.77 on the upside; 103.00 followed by the area of medium demand at 102.80.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.31, with support below at 102.84, 102.37 and 101.90, with resistance above at 103.79, 104.26, and 104.73. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.24 and the daily 20EMA at 102.42. Hourly RSI is neutral at 48.