8 Apr 2014
USD/JPY is knocking at 102.60 support
FXStreet (Moscow) - USD/JPY dropped to new intraday lows of 102.63 after a feeble rebound
Kuroda is not charismatic enough today
Kuroda tried hard to sound optimistic about Japanese economy and its perspectives to reach inflation targets. Bank of Japan is not going to add stimulus despite the negative effects of consumption tax increase, but markets know better. USD/JPY was not impressed as it drifted to the support zone of 102.75/70 only to retrace to 102.80. But the selling pressure caused by sell on rally tactics pushed the pair below the said support to new lows of 102.63. Now that the key risk event is out of the way, USD/JPY movements will be influenced by geopolitical and technical factors. Bad news from Ukraine may stimulate safe-heaven demand, which will push USD/JPY lower. Once 102.60 is broken, the downside will accelerate to 107.50. The upside is limited by 103.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.16, with support below at 102.92, 102.75 and 102.51 with resistance above at 103.33, 103.57, and 103.74. Hourly Moving Averages are largely bearish, with the 200SMA at 103.15 and the daily 20EMA at 102.83. Hourly RSI is bearish at 29.
Kuroda is not charismatic enough today
Kuroda tried hard to sound optimistic about Japanese economy and its perspectives to reach inflation targets. Bank of Japan is not going to add stimulus despite the negative effects of consumption tax increase, but markets know better. USD/JPY was not impressed as it drifted to the support zone of 102.75/70 only to retrace to 102.80. But the selling pressure caused by sell on rally tactics pushed the pair below the said support to new lows of 102.63. Now that the key risk event is out of the way, USD/JPY movements will be influenced by geopolitical and technical factors. Bad news from Ukraine may stimulate safe-heaven demand, which will push USD/JPY lower. Once 102.60 is broken, the downside will accelerate to 107.50. The upside is limited by 103.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.16, with support below at 102.92, 102.75 and 102.51 with resistance above at 103.33, 103.57, and 103.74. Hourly Moving Averages are largely bearish, with the 200SMA at 103.15 and the daily 20EMA at 102.83. Hourly RSI is bearish at 29.