24 Apr 2014
USD/JPY is on trip to the North; 102.00 in sight
FXStreet (Moscow) - USD/JPY is trading close to Asian lows of 102.24 after opening at 102.45
JPY’s destiny depends on CPI
On a longer-term scale lazy USD/JPY is still is sitting in a tight range and doesn’t want to move. On Wednesday the bears tried to gain control over the pair and partially succeeded as it finished the day in red after posting the intraday low of 102.15. Today the Japanese calendar is empty, but investors are anxious about Friday’s CPI report and will contain the first inflation readings after the April tax increase, According to the forecast, the headline number will increase to 1.6% against 1.5% in March. Stronger price pressure might support JPY as it will prove that the BOJ optimism is well grounded. During US session keep an eye on US macro statistics. Strong Durables and and Initial claims lower than 300K will boost dollar demand across the board. From the technical point of view the nearest resistance comes at 102.40/45 while the support is seen at 102.00
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.47, with support below at 102.24, 101.93 and 101.69 with resistance above at 102.78, 103.02, and 103.32. Hourly Moving Averages are mostly neutral, with the 200SMA at 102.21 and the daily 20EMA at 102.41. Hourly RSI is bullish at 52.
JPY’s destiny depends on CPI
On a longer-term scale lazy USD/JPY is still is sitting in a tight range and doesn’t want to move. On Wednesday the bears tried to gain control over the pair and partially succeeded as it finished the day in red after posting the intraday low of 102.15. Today the Japanese calendar is empty, but investors are anxious about Friday’s CPI report and will contain the first inflation readings after the April tax increase, According to the forecast, the headline number will increase to 1.6% against 1.5% in March. Stronger price pressure might support JPY as it will prove that the BOJ optimism is well grounded. During US session keep an eye on US macro statistics. Strong Durables and and Initial claims lower than 300K will boost dollar demand across the board. From the technical point of view the nearest resistance comes at 102.40/45 while the support is seen at 102.00
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.47, with support below at 102.24, 101.93 and 101.69 with resistance above at 102.78, 103.02, and 103.32. Hourly Moving Averages are mostly neutral, with the 200SMA at 102.21 and the daily 20EMA at 102.41. Hourly RSI is bullish at 52.