5 Feb 2014
USD/JPY has stalled ahead the resistance of 101.45
FXStreet (Moscow) - USD/JPY is knocking on the resistance of 101.45-50 after moving to intraday low of 101.23 on general JPY strengthening.
Volatile session is in store for USD/JPY
Yesterday the yen moved down across the board as the situation at the emerging markets stabilized, which dampened demand for the safe-heaven assets. Though do not be fooled into complacency as it is still too early to celebrate the end of emerging-market crisis. Japan published pretty good wages data that showed that the total average wages was unchanged in 2013 after falling 0.7% in 2012. This data is another sigh of increased inflationary pressure in Japan. The market reacted by JPY buying, but in general the reaction was rather muted. US non-manufacturing ISM published later today may spur additional volatility in the pair, as the traders will be watching the labor market component ahead of Friday’s labor market report. The closes resistance comes at 101.50-57 (1h 50 EMA). Once broken, the upside will accelerate to 102.00. The support is seen at 101.30, followed by 101.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.37, with support below at 101.04, 100.43 and 100.10, with resistance above at 101.98, 102.31, and 102.92. Hourly Moving Averages are bearish, with the 200SMA at 102.41 and the daily 20EMA at 103.01. Hourly RSI is neutral at 48.
Volatile session is in store for USD/JPY
Yesterday the yen moved down across the board as the situation at the emerging markets stabilized, which dampened demand for the safe-heaven assets. Though do not be fooled into complacency as it is still too early to celebrate the end of emerging-market crisis. Japan published pretty good wages data that showed that the total average wages was unchanged in 2013 after falling 0.7% in 2012. This data is another sigh of increased inflationary pressure in Japan. The market reacted by JPY buying, but in general the reaction was rather muted. US non-manufacturing ISM published later today may spur additional volatility in the pair, as the traders will be watching the labor market component ahead of Friday’s labor market report. The closes resistance comes at 101.50-57 (1h 50 EMA). Once broken, the upside will accelerate to 102.00. The support is seen at 101.30, followed by 101.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.37, with support below at 101.04, 100.43 and 100.10, with resistance above at 101.98, 102.31, and 102.92. Hourly Moving Averages are bearish, with the 200SMA at 102.41 and the daily 20EMA at 103.01. Hourly RSI is neutral at 48.