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17 Feb 2014
USD/JPY is rangebound with downside bias
FXStreet (Moscow) - USD/JPY dropped below 101.50 early in the morning as the Asian traders reacted to Friday’s disappointing macro data from the USA, but the movement was not sustained as the pair returned to the area above the said level.
USD/JPY is firmly below 102.00 - good for bears
USD/JPY bears did it! They pushed the pair below 102.00 and wouldn’t let it higher until the markets closed. The Japanese currency was in demand across the board, which can be partially explained by nearing end of the Financial Year in Japan. Companies start to repatriate overseas earnings and thus drive the Yen higher. Japanese 4Q GDP came out worse than expected, and cast a shadow of doubt over the country’s economy recovering. But USD/JPY hardly moved. US markets are closed for President’s Day, so the pair is likely to move within a range limited by 101.80 on the upside and 101.40 on the downside.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.93, with support below at 101.44, 101.07 and 100.58, with resistance above at 102.30, 102.79, and 103.15. Hourly Moving Averages are bearish, with the 200SMA at 102.00 and the daily 20EMA at 102.54. Hourly RSI is neutral at 37.
USD/JPY is firmly below 102.00 - good for bears
USD/JPY bears did it! They pushed the pair below 102.00 and wouldn’t let it higher until the markets closed. The Japanese currency was in demand across the board, which can be partially explained by nearing end of the Financial Year in Japan. Companies start to repatriate overseas earnings and thus drive the Yen higher. Japanese 4Q GDP came out worse than expected, and cast a shadow of doubt over the country’s economy recovering. But USD/JPY hardly moved. US markets are closed for President’s Day, so the pair is likely to move within a range limited by 101.80 on the upside and 101.40 on the downside.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.93, with support below at 101.44, 101.07 and 100.58, with resistance above at 102.30, 102.79, and 103.15. Hourly Moving Averages are bearish, with the 200SMA at 102.00 and the daily 20EMA at 102.54. Hourly RSI is neutral at 37.