USD/JPY and its failed recovery

By FXstreet.com | July 13, 2014 AAA

FXStreet (Moscow) - USD/JPY took off from the opening level of 101.32 and touched 101.40 resistance during mega-quiet Asian trading.

Stuck in a range

Naturally, USD/JPY is sitting in a tight range in Asia, as markets are getting ready for the important events of the week - BOJ monetary policy statement and Yellen’s semi-annual Testimony in Senate - both are scheduled for tomorrow. JPY is a tad weaker across the board, mostly due to knock-on effect from slightly higher Japanese stock market. May Industrial Production numbers from Japan came out better than expected (0.7% m/m, 1.0%y/y vs. 0.5%, 0.8% respectively). JPY made feeble attempts of recovery, but the reaction was weak, as investors mainly ignored the news. Form the technical point of view, keep an eye at 101.10/00 on the downside and 101.50 on the upside

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.29, with support below at 101.18, 101.10 and 100.99 with resistance above at 101.37, 101.48, and 101.56. Hourly Moving Averages are mixed, with the 200SMA at 101.70 and the daily 20EMA at 101.74. Hourly RSI is bullish at 55.

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