USD/JPY bulls need some rest before new assault

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - USD/JPY has stalled at 101.74, the Asian high reached at Tokyo opening

Per aspera ad astra

USD/JPY has been climbing for the third day in a row, doing its best to confirm the impression that it has bottomed out at 101.25 support tested on several occasions since mid-May. Initial bullish targets come at 102.00/102.20 and 102.70, the pair needs to clear them to allow for a long-term shift in the sentiments. From the fundamental point of view, Japanese calendar is empty today, thus markets would be waiting for triggers during American hours, when US PPI report is published. Weaker than expected numbers might push USD slightly lower across the board, though the reaction is likely to be muted. Watch out for 101.25 support as it has a good potential to cap the downside. Strong demand located on approach to above said level with stops lower are a good barrier for bears.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.62, with support below at 101.49, 101.30 and 101.17 with resistance above at 101.82, 101.95, and 102.14. Hourly Moving Averages are bullish, with the 200SMA at 101.67 and the daily 20EMA at 101.71. Hourly RSI is bullish at 63.

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