USD/JPY got stuck around 102.40 area on the way higher

By FXstreet.com | August 18, 2014 AAA

FXStreet (Moscow) - USD/JPY reversed the move right after the pair touched 102.24 session low; it is trading just above 102.40 at the moment.



Offsetting factor



The pair has the key barrier on the way higher in form of flight for quality triggered from time to time by rising geopolitical tension. However, another factor may offset the negative sentiment this week. There are some rumors in the market that the Japanese authorities are ready to revise lower the growth forecasts. This may convince the traders that there is more stimulus in store from the BOJ in short- or medium-term, what is potentially supportive for the pair. The initial target to the upside may lie at 102.68 while the bottom at the moment may be protected by 102.08.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.41, with support below at 102.08, 101.81, and 101.49 with resistance above at 102.68, 103.00, and 103.27. Hourly Moving Averages are bullish, with the 200SMA at 102.29 and the daily 20EMA flat at 102.18. Hourly RSI is bullish at 52.



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