USD/JPY is dancing with 102.00 again

By FXstreet.com | June 12, 2014 AAA

FXStreet (Moscow) - USD/JPY opened the day at 102.06, reached 102.13 high, but reversed the move following the Nikkei slide.



Run for safety



Nikkei closed down 0.64% at 14,973.53, and this was another reason the USD was not ready to resume the rise. The pair came under pressure of recent World Bank forecasts signaling of slowing growth of the global economy. For instance, the US economy growth was revised lower to 2.1% from 2.8% previously. This news revived the risk aversion mood, and sent the pair below 102.00. However, the pair managed to recover, posting 102.13 session high at the moment, and if the rise resumes, the next target to the upside may be at 102.37.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.11, with support below at 101.92, 101.56 and 101.27 with resistance above at 102.37, 102.66, and 102.92. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.36 and the daily 20EMA at 102.16. Hourly RSI is bearish at 43.



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