USD/JPY - 102.00 is on the horizon

By FXstreet.com | July 28, 2014 AAA

FXStreet (Moscow) - USD/JPY opened at 101.79, slid to 101.74 session low, in order to rebound to 101.90 by the moment.



Good sign



USD/JPY ended last week above the upper line of the 2.5-week range, and it may be a good sign that the pair is on the brink of returning to the uptrend. The USD strength had a broad nature during the last trading days, and it may be one of the reasons for the pair to go on rising. Besides, the scheduled for this week releases may convince the traders the US economy is on the path of stable recovery. If so, we may see the move higher with initial target at 101.95 resistance level in the nearest term.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 101.83, with support below at 101.71, 101.58 and 101.46 with resistance above at 101.95, 102.07, and 102.20. Hourly Moving Averages are bullish, with the 200SMA bullish at 101.53 and the daily 20EMA bullish at 101.62. Hourly RSI is bullish at 51.



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