USD/JPY broke free and stopped dead just above 102.00

By FXstreet.com | July 29, 2014 AAA

FXStreet (Moscow) - USD/JPY stopped to take a breath after a good rally above 102.00 on Tuesday. The pair is consolidating around its opening level of 102.10, waiting for new triggers



Out of the range?



USD/JPY bulls have reached their immediate goal and now have nowhere to hurry. The short-term technical picture remains bullish as long as the pair trades above 102.00 support level (former resistance). Considering and event-packed US session, that starts with July ADP private payrolls report, followed by 2Q GDP and FOMC meeting, during European hours USD/JPY is a pure technical play. Upside attempts might be limited by mid-sized offers at 102.20, though if this resistance is broken, the next resistance of 102.35/40 will come into play. The downside is likely to be capped by 102.00/101.90.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.04, with support below at 101.90, 101.68 and 101.55 with resistance above at 102.26, 102.39, and 102.61. Hourly Moving Averages are bullish, with the 200SMA bullish at 101.61 and the daily 20EMA bullish at 101.69. Hourly RSI is bullish at 57.



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