USD/JPY dismissed bearish ideas and rushed to 102.45

By FXstreet.com | Updated August 07, 2014 AAA

FXStreet (Moscow) - USD/JPY poked at 102.41/44 resistance, but retreated to 102.37 so far; bulls need stronger momentum for a sustained breakthrough.



Here comes GIPF



Who would have dreamt of it? USD/JPY scornfully sniffed at geopolitics and realized its upside potential once Japanese pension fund allegedly decided to diversify its assets allocation toward stock. This news shook off Asian sleepiness from the markets and sent JPY lower across the board. The pair has not recovered to Wednesday’s opening levels yet, as it needs to get above 102.41/44 resistance to extend the upside towards 102.60. Positive US Jobless Claims report might provide the necessary stimulus.



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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