USD/JPY bullish recovery may be short-lived

By FXstreet.com | July 06, 2014 AAA

FXStreet (Moscow) - USD/JPY touched the Asian high at 102.19 after opening the day at 102.06 on the back of slightly lower than expected leading indicator in Japan



Back to the drawing board



Usd/jpy bulls celebrated victory on Thursday, but their happiness was short lived as the pair returned to the area below 102.00 by the end of Friday and finished the week marginally lower. Despite regaining some ground early in Asia, technical picture is more of sideways trading that may be limited by 102.19 (100-DMA and Asian high). On the intraday basis markets have little to chew on, thus stock market developments and general usd sentiments might shape the fate of the pair.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.11, with support below at 101.94, 101.80 and 101.64 with resistance above at 102.25, 102.41, and 102.55. Hourly Moving Averages are bullish, with the 200SMA at 101.72 and the daily 20EMA at 101.87. Hourly RSI is bullish at 57.



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