20 Jan 2014
USD/JPY bears are losing control as the pair is back above 104.00
FXstreet.com (Moscow) - USD/JPY tries to stay above the key level of 104.00 after it touched the intraday low at 103.89 on the back of Yen strengthening across the board.
USD/JPY tries to stay above 104.00.
USD/JPY finished the previous week mostly unchanged and thus confirmed that the consolidation mode is still in place. The currency pair needs a major breakthrough and it may get one later this week as the Bank of Japan meets to make its monetary policy decision. The currency pair tries to retrace the mornings fall and stabilize above 104.00 as the Chinese data came out better than expected and reduced the demand for JPY as a heaven. Though the bullish momentum is pretty weak. Today Japan publishes the November industrial production report. If positive, it may inspire the JPY strengthening across the board, though don’t lay much hope on it. The support level is still 103.80. Once 104.00 resistance is firmly broken, 104.49 will come into play.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 104.32, with support below at 104.15, 104.02 and 103.85, with resistance above at 104.45, 104.62, and 104.75. Hourly Moving Averages are bearish, with the 200SMA at 104.34 and the daily 20EMA at 104.17. Hourly RSI is neutral at 37.05.
USD/JPY tries to stay above 104.00.
USD/JPY finished the previous week mostly unchanged and thus confirmed that the consolidation mode is still in place. The currency pair needs a major breakthrough and it may get one later this week as the Bank of Japan meets to make its monetary policy decision. The currency pair tries to retrace the mornings fall and stabilize above 104.00 as the Chinese data came out better than expected and reduced the demand for JPY as a heaven. Though the bullish momentum is pretty weak. Today Japan publishes the November industrial production report. If positive, it may inspire the JPY strengthening across the board, though don’t lay much hope on it. The support level is still 103.80. Once 104.00 resistance is firmly broken, 104.49 will come into play.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 104.32, with support below at 104.15, 104.02 and 103.85, with resistance above at 104.45, 104.62, and 104.75. Hourly Moving Averages are bearish, with the 200SMA at 104.34 and the daily 20EMA at 104.17. Hourly RSI is neutral at 37.05.