Back
18 Apr 2014
USD/JPY retraced from morning highs around 102.55
FXStreet (Moscow) - USD/JPY started the day at 102.38, reached new weekly high at 102.56, and moved down to 102.40 area by the moment.
Sit on the fence and watch
Despite the new promises from the BOJ’s Kuroda on further economy stimulus, the market is still not ready to show a full-blown rally to new highs. The thin market conditions due to Easter holidays may only exacerbate the pair volatility on the last trading day of the week. Thus, for those who don’t like to risk it’s better to sit on the fence and watch. In a low liquidity environment we may see sharp directionless moves even on empty calendar. The upside is limited by 102.63 area, and the downside - by 102.01 support level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.24, with support below at 102.01, 101.62 and 101.39 with resistance above at 102.63, 102.86, and 103.25. Hourly Moving Averages are bullish, with the 200SMA at 102.00 and the daily 20EMA at 102.35. Hourly RSI is bullish at 70.
Sit on the fence and watch
Despite the new promises from the BOJ’s Kuroda on further economy stimulus, the market is still not ready to show a full-blown rally to new highs. The thin market conditions due to Easter holidays may only exacerbate the pair volatility on the last trading day of the week. Thus, for those who don’t like to risk it’s better to sit on the fence and watch. In a low liquidity environment we may see sharp directionless moves even on empty calendar. The upside is limited by 102.63 area, and the downside - by 102.01 support level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.24, with support below at 102.01, 101.62 and 101.39 with resistance above at 102.63, 102.86, and 103.25. Hourly Moving Averages are bullish, with the 200SMA at 102.00 and the daily 20EMA at 102.35. Hourly RSI is bullish at 70.