USD/JPY is desperate to get above 101.80

By FXstreet.com | July 24, 2014 AAA

FXStreet (Moscow) - USD/JPY is sitting in a tight range close to the pivotal resistance of 101.80 after a head-spinning rise on Thursday.

Desperate to get above 101.80

USD/JPY turned out to be one of the best performers yesterday as the pair pushed off the intraday low at 101.40 and climbed right to the resistance of 101.80. The movement was caused by JPY decline across the board on the back of growing US treasury yields and better risk sentiments. Investors just yawed at Japanese CPI data that came out somewhat higher than expected. Positive trend is obvious, but Japanese economy minister Amari did his best to reassure markets that the QE end is nowhere near. Later during the day the pair might have hard times trying to overcome 101.80 hurdle. The bulls need better risk sentiments and better US durable orders to do that.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.70, with support below at 101.52, 101.23 and 101.06 with resistance above at 101.99, 102.16, and 102.45. Hourly Moving Averages are mixed, with the 200SMA bullish at 101.51 and the daily 20EMA flat at 101.60. Hourly RSI is bullish at 64.

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