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21 Apr 2014
USD/JPY bulls are on the warpath
FXStreet (Moscow) - USD/JPY extended Asian highs to 102.69, but since than retreated to 102.60 as minor offers located on approach to 102.70 capped the upside.
Strong Yen takes its toll
Volatile week ended quietly as USD/JPY settled at its beloved 102.00 pivot. Despite the expectations that the Bank of Japan will extend its stimulus program to support the economy and soften negative effects from tax hike, traders do not hurry to sell Yen that appreciated 2.8% against USD this year. Falling stock market coupled with anti-risk sentiments keep the Japanese currency in demand. In March Japan trade deficit widened due to weakened export, stressing negative effects of strong Yen for the Japanese economy.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.44, with support below at 102.29, 102.15 and 1012.00 with resistance above at 102.57, 102.72, and 102.86. Hourly Moving Averages are bullish, with the 200SMA at 101.95 and the daily 20EMA at 102.36. Hourly RSI is bullish at 79.
Strong Yen takes its toll
Volatile week ended quietly as USD/JPY settled at its beloved 102.00 pivot. Despite the expectations that the Bank of Japan will extend its stimulus program to support the economy and soften negative effects from tax hike, traders do not hurry to sell Yen that appreciated 2.8% against USD this year. Falling stock market coupled with anti-risk sentiments keep the Japanese currency in demand. In March Japan trade deficit widened due to weakened export, stressing negative effects of strong Yen for the Japanese economy.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.44, with support below at 102.29, 102.15 and 1012.00 with resistance above at 102.57, 102.72, and 102.86. Hourly Moving Averages are bullish, with the 200SMA at 101.95 and the daily 20EMA at 102.36. Hourly RSI is bullish at 79.