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24 Sep 2014
Abe shooed away USD/JPY bulls
FXStreet (Moscow) - USD/JPY sell-off resumed with new strength on Wednesday as the pair dropped from 108.90 towards its current level of 108.55 on the back of Abe’s alleged displeasure with JPY weakening
The downside is weaker than expected
JPY growth was triggered by risk aversive sentiments and some profit taking. While signs of uneven economic recovery in US put USD under selling pressure, USD/JPY downside proved to be unsustainable as the pair dipped to 108.25 on Tuesday only to recover towards 108.84. New Home Sales report published during American hours, might shed more light on the state of somewhat shabby housing market. Expect a period of higher volatility as USD/JPY has seen a strong rally and may be exposed to further profit-takning. USD/JPY retains the bullish tone as long as it trades above 108.20 support. On the upside the nearest resistance is seen at 109.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 108.78 with support below at 108.42, 107.96 and 107.66 with resistance above at 109.19, 109.48 and 109.95. Hourly Moving Averages are bullish, with the 200SMA bullish at 108.01 and the daily 20EMA bullish at 106.73. Hourly RSI is bearish at 41
The downside is weaker than expected
JPY growth was triggered by risk aversive sentiments and some profit taking. While signs of uneven economic recovery in US put USD under selling pressure, USD/JPY downside proved to be unsustainable as the pair dipped to 108.25 on Tuesday only to recover towards 108.84. New Home Sales report published during American hours, might shed more light on the state of somewhat shabby housing market. Expect a period of higher volatility as USD/JPY has seen a strong rally and may be exposed to further profit-takning. USD/JPY retains the bullish tone as long as it trades above 108.20 support. On the upside the nearest resistance is seen at 109.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 108.78 with support below at 108.42, 107.96 and 107.66 with resistance above at 109.19, 109.48 and 109.95. Hourly Moving Averages are bullish, with the 200SMA bullish at 108.01 and the daily 20EMA bullish at 106.73. Hourly RSI is bearish at 41