21 Mar 2014
USD/JPY is moving lower to 102.00 area
FXstreet.com (Moscow) – USD/JPY started the day at 102.46 and since that time slowly moved to the south; the move down exacerbated with European morning.
Repatriation flows to blame
While nothing is on the docket today, the pair managed to break below 102.21 support level triggering some stops orders and rushing to 102.01 session low. The surprising resilience of the yen on the back of broad-based USD strength yesterday actually is not surprising, but traditional. Every year the Japanese currency gets some support from repatriation flows coming back to Japan before the fiscal year ends. Thus, the pair may strengthen only with a help of really significant catalyst. However, any return of risk aversive mood in the market will trigger the pair sell-off with initial target at 101.85 support level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.38, with support below at 102.21, 102.03 and 101.85, with resistance above at 102.56, 102.74, and 102.92. Hourly Moving Averages are bullish, with the 200SMA at 102.20 and the daily 20EMA flat at 102.27. Hourly RSI is neutral at 51.
Repatriation flows to blame
While nothing is on the docket today, the pair managed to break below 102.21 support level triggering some stops orders and rushing to 102.01 session low. The surprising resilience of the yen on the back of broad-based USD strength yesterday actually is not surprising, but traditional. Every year the Japanese currency gets some support from repatriation flows coming back to Japan before the fiscal year ends. Thus, the pair may strengthen only with a help of really significant catalyst. However, any return of risk aversive mood in the market will trigger the pair sell-off with initial target at 101.85 support level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.38, with support below at 102.21, 102.03 and 101.85, with resistance above at 102.56, 102.74, and 102.92. Hourly Moving Averages are bullish, with the 200SMA at 102.20 and the daily 20EMA flat at 102.27. Hourly RSI is neutral at 51.