USD/JPY bears take revenge; 102.30 support under threat

By FXstreet.com | June 09, 2014 AAA

FXStreet (Moscow) - USD/JPY is on offer as the pair opened the day at 102.52 and touched the support level of 102.30 during uneventful Asian session.

Time to go back to 102.00?

It seems that improved risk sentiments caused by ECB’s accommodative stance were left unnoticed by JPY traders as the Japanese currency is growing across the board early on Tuesday. As there are no interesting fundamental publication either from Japan or the US scheduled for today, the pair will be sensitive to speculative flows and technical factors. Break below 55-DMA at 102.29 might trigger further losses and take USD/JPY to the next key level of 102.00 that is likely to cap the downside on the intraday basis. The upside might be limited by the area of offers spotted at 102.75.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.52, with support below at 102.32, 102.23 and 102.09 with resistance above at 102.67, 102.81, and 102.96. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.24 and the daily 20EMA at 102.11. Hourly RSI is bearish at 32.

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