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12 Mar 2014
USD/JPY is working on 102.80 – third time’s a charm?
FXstreet.com (Moscow) – USD/JPY is again testing 102.80 support area at the moment, retracing from 103.09 session high.
We believe in USD
The pair attacked the 102.80 support area already three times since the open, though the attempts haven’t succeeded yet. Partly the pair’s move down is related to Chinese copper market panic, which pressured Nikkei and made it closed down by 2.59% at 14,830.39. Nevertheless, the short-term demand on the Yen gives the traders another reason to buy the pair on the lows, and we may see it again, and again up till Thursday, when the US Retail Sales are released. The USD is still popular among the investors, especially after the recent Non-Farm Payrolls report proved to be better than expected. The stable recovery in the Labor market may keep the pair supported with 103.37 resistance level on tap.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.10, with support below at 102.76, 102.50 and 102.16, with resistance above at 103.37, 103.71, and 103.97. Hourly Moving Averages are mostly bullish, with the 200SMA at 103.18 and the daily 20EMA at 102.55. Hourly RSI is neutral at 56.
We believe in USD
The pair attacked the 102.80 support area already three times since the open, though the attempts haven’t succeeded yet. Partly the pair’s move down is related to Chinese copper market panic, which pressured Nikkei and made it closed down by 2.59% at 14,830.39. Nevertheless, the short-term demand on the Yen gives the traders another reason to buy the pair on the lows, and we may see it again, and again up till Thursday, when the US Retail Sales are released. The USD is still popular among the investors, especially after the recent Non-Farm Payrolls report proved to be better than expected. The stable recovery in the Labor market may keep the pair supported with 103.37 resistance level on tap.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.10, with support below at 102.76, 102.50 and 102.16, with resistance above at 103.37, 103.71, and 103.97. Hourly Moving Averages are mostly bullish, with the 200SMA at 103.18 and the daily 20EMA at 102.55. Hourly RSI is neutral at 56.