USD/JPY going nowhere ahead of FOMC

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Bali) - USD/JPY is trading at 102.15,unchanged for the day ahead of the FOMC event later on the day, having posted a daily high at 102.24 and low at 102.11.

The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish. At the time of writing, RSI is neutral at 52.27, down from 56.19 at the last hour close, while ADX is ranging at 14.41, down from 17.62 previous. Meanwhile, daily RSI is in neutral territory at 50.83. On the hourly USD/JPY chart, the 200 SMA is declining and currently at 101.97, down from the previous hour close at 102.17. On average, the exponential closing price for the past 20 days is 102.09, with the trend indicating a rangebound movement ahead.

Technically, Jim Langlands, FX Strategist at FXCharts, notes: "On the topside the 200 HMA at 102.15 is currently capping the topside and above here there are plenty of levels to overcome, starting with the daily Tenkan at 102.20 and then the 100 DMA at 102.30. The daily cloud base is at 102.44 while the cloud top is at 102.65... on the downside, back below 102.00, the daily Kijun is at 101.80, which comes ahead of Friday’s low of 101.65 and the 200 DMA at 101.55. Below this, rising trend support is at 101.40, which could come under some pressure if the Fed retains a dovish outlook."

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