10 Feb 2014
USD/JPY unmoved on data from Japan
FXstreet.com (Moscow) – USD/JPY showed some action in the morning trading higher at 102.64 in Tokyo but retracing to 102.40 by the moment.
USD/JPY may get pressured by positioning
Although USD/JPY lost ground from the early morning highs, but ranges were subdued, and a series of just released disappointing data from Eco Watchers was not able to change its mood. During the weekends the Abe’s protégé Masuzoe won the elections becoming a new governor of Tokyo. It was widely expected, thus didn’t trigger any significant reactions in the market. Nevertheless, this is another form of recognition of Premier’s economic course, and it’s potentially supportive for the Nikkei rise, and USD/JPY appreciation. And that’s what we saw in early Asian session. Since there are no key releases scheduled for today from the US, the market will start positioning before the key event of the week – Janet Yellen’s speech before the Congress. The investors know about the dovish stance of the new FED chairman, thus, it may put the pair under mild pressure for short-term. To the downside we see 102.10 support level, followed by 101.60. The upside is limited by 102.76.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.10, with support below at 101.60, 100.94 and 100.44, with resistance above at 102.76, 103.26, and 103.92. Hourly Moving Averages are bullish, with the 200SMA at 102.03 and the daily 20EMA at 102.73. Hourly RSI is neutral at 58.
USD/JPY may get pressured by positioning
Although USD/JPY lost ground from the early morning highs, but ranges were subdued, and a series of just released disappointing data from Eco Watchers was not able to change its mood. During the weekends the Abe’s protégé Masuzoe won the elections becoming a new governor of Tokyo. It was widely expected, thus didn’t trigger any significant reactions in the market. Nevertheless, this is another form of recognition of Premier’s economic course, and it’s potentially supportive for the Nikkei rise, and USD/JPY appreciation. And that’s what we saw in early Asian session. Since there are no key releases scheduled for today from the US, the market will start positioning before the key event of the week – Janet Yellen’s speech before the Congress. The investors know about the dovish stance of the new FED chairman, thus, it may put the pair under mild pressure for short-term. To the downside we see 102.10 support level, followed by 101.60. The upside is limited by 102.76.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.10, with support below at 101.60, 100.94 and 100.44, with resistance above at 102.76, 103.26, and 103.92. Hourly Moving Averages are bullish, with the 200SMA at 102.03 and the daily 20EMA at 102.73. Hourly RSI is neutral at 58.