FXStreet (Moscow) - USD/JPY is sitting within a narrow range, but bears itch to resume the downside

Down we go

USD/JPY dipped to the trough of 101.06 on Thursday as news from Portugal spoiled risk sentiments and triggered flight to safety that supported the Japanese currency. USD/JPY managed to recover to 101.30 by the end of the day, as investors booked profits close to important technical support area of 101.10/00 discouraged from further selling by strong bids and stops. Today we may see some more profit-taking during European hours, thought the movement is likely to be capped by 101.50 resistance. Moreover, the pair is vulnerable to further losses in case of new wave of anti-risk flows. The support of 101.00 might serve as the floor for short-term USD/JPY bears.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.36, with support below at 101.04, 100.75 and 100.43 with resistance above at 101.66, 101.98, and 102.27. Hourly Moving Averages are bearish, with the 200SMA at 101.71 and the daily 20EMA at 101.79. Hourly RSI is bearish at 44.

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