USD/JPY cannot crack 102.40 nut

By FXstreet.com | August 07, 2014 AAA

FXStreet (Moscow) - USD/JPY reversed the direction after it posted 102.45 session high, and slid to 102.20 area by the moment.

Corrective moods?

The fact that really strong Non-Manufacturing ISM data was not able to push the pair back above 103.00 is annoying. And the fact that somebody bought too many Yen futures yesterday is irritating. However, if we take a look at the chart, we may see the pair has already done a lot breaking above the long-term range, and targeting new highs. The economic calendar for today is practically empty from the point of US and Japanese data. The rumors on GIPF allocation soother the pair, and now the focus turns to American session. The market may pay attention to Jobless Claims data, but the reactions will probably be seen only in case of significant misses.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.18, with support below at 101.70, 101.29 and 100.81 with resistance above at 102.58, 103.06, and 103.47. Hourly Moving Averages are mixed, with the 200SMA bearish at 102.40 and the daily 20EMA flat at 102.07. Hourly RSI is bearish at 43.

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