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20 Feb 2014
USD/JPY is struggling to return above 102.00
FXStreet (Moscow) - USD/JPY tumbled below the support of 102.00 an set the current intraday low at 101.90 as investors rushed to safe-heaven
USD/JPY is between the hammer and the anvil
USD/JPY is still hovering around 102.00. It seems that both bulls and bears are equally strong and determined to fight to the last drop of their blood. Yesterday USD/JPY managed to reach the low of 101.85, but finished the day above our famous 102.00. Now we are witnessing another bearish attack as the pair tested the low of 101.90 and stalled just below 102.00. The downside movement is caused by general anti-risk sentiments on the back of troubling China PMI published earlier today. This news pushed the stock markets lower (both Hang Seng and Nikkei ended morning session lower) and drove safe heaven assets such as Yen higher. The risk aversion theme is likely to be dominant during the European session, while US macroeconomic statistics, namely CPI and flash PMI reports have a potential to become strong market movers. Should USD/JPY manage to stabilize above 102.0, the bulls will get the chance to push it higher to 102.50, while Japanese offers located at 102.60 will cap the intraday upside. The downside is likely to be limited by Ichimoku cloud base at 101.53.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.19, with support below at 101.90, 101.55 and 101.26, with resistance above at 102.54, 103.83, and 103.18. Hourly Moving Averages are bearish, with the 200SMA at 102.19 and the daily 20EMA at 102.45. Hourly RSI is neutral at 38.
USD/JPY is between the hammer and the anvil
USD/JPY is still hovering around 102.00. It seems that both bulls and bears are equally strong and determined to fight to the last drop of their blood. Yesterday USD/JPY managed to reach the low of 101.85, but finished the day above our famous 102.00. Now we are witnessing another bearish attack as the pair tested the low of 101.90 and stalled just below 102.00. The downside movement is caused by general anti-risk sentiments on the back of troubling China PMI published earlier today. This news pushed the stock markets lower (both Hang Seng and Nikkei ended morning session lower) and drove safe heaven assets such as Yen higher. The risk aversion theme is likely to be dominant during the European session, while US macroeconomic statistics, namely CPI and flash PMI reports have a potential to become strong market movers. Should USD/JPY manage to stabilize above 102.0, the bulls will get the chance to push it higher to 102.50, while Japanese offers located at 102.60 will cap the intraday upside. The downside is likely to be limited by Ichimoku cloud base at 101.53.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.19, with support below at 101.90, 101.55 and 101.26, with resistance above at 102.54, 103.83, and 103.18. Hourly Moving Averages are bearish, with the 200SMA at 102.19 and the daily 20EMA at 102.45. Hourly RSI is neutral at 38.