USD/JPY grinds slowly higher towards 102.50 resistance

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - USD/JPY oscillates in a narrow range limited by 102.30 on the upside and 102.10 on the downside, though the overall tone remains bullish



FOMC is the answer



USD/JPY attempted another ride above 102.00 and even managed to climb to 102.23. Currently, traders are focused on FOMC rate decision to be announced later today. Obviously, this is the key risk event of the week that dominates the market sentiments. US Dollar got a boost after May inflation numbers came out higher than expected giving rise to speculations about more hawkish FED. Most likely, investors will continue to ponder over this idea and adjust their positions accordingly. In this case USD/JPY might try to test 102.50 resistance where the upside is likely to be capped.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.07, with support below at 101.87, 101.61 and 101.42 with resistance above at 102.33, 102.52, and 102.78. Hourly Moving Averages are mostly bullish, with the 200SMA at 102.216 and the daily 20EMA at 102.08. Hourly RSI is bullish at 57.



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