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Forex pairs in this Article » EUR/USD, USD/JPY
FXStreet (Moscow) - USD/JPY tested the resistance at 102.41 but then started to fall steadily, crashed below 102.00, absorbed stops located below this key level and went on moving down.

USD/JPY bears don’t ever give up!

USD/JPY was moving down steadily all day yesterday and finally fell below 102.00 only to bump into strong demand at daily Tenkan. The pair touched the low at 101.69 and hurriedly returned to the safety of the old range. And yes, the break out was a fake. Now we have another try: JPY started to grow as Nikkei opened in red zone. That was the trigger, but then technical factors came into play, as there were lots of stops mixed with sell orders around 102.00 level. Let’s see whether this break out is sustainable and whether the UoM consumer sentiment published later today may become a game changer. If the data is worse that expected, the pair may attempt another move lower, though be careful, as it may turn out to be false as well. The closes support now at 101.60, it is followed by 101.30. The resistance is 102.00

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.16, with support below at 101.73, 101.26 and 100.83, with resistance above at 102.63, 103.06, and 103.53. Hourly Moving Averages are mostly bearish, with the 200SMA at 101.61 and the daily 20EMA at 102.66. Hourly RSI is neutral at 35.
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