USD/JPY has the reasons to ignore US data

By FXstreet.com | June 20, 2014 AAA

FXStreet (Moscow) - USD/JPY opened the day at 101.94, slid to 101.81 session low, but rebounded by the moment still trading below 102.00.

US data – out of sight, out of mind

The pair has no reasons to move higher, as the Fed confirmed its intention to maintain the moderate pace of tapering for the near term. Thus, even better than expected data out of the US didn’t encourage the USD to cross above 102.00 again. The yesterday released data showed the drop in jobless claims with continuing claims at its lowest level since October 2007, and the 4-week moving average coming closer to 7-year low. Manufacturing activity from Philly Fed and Empire State surveys confirmed the improvement. But all of this is ignored by the market, as won’t change anything in the Fed course of policy.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.90, with support below at 101.79, 101.62 and 101.50 with resistance above at 102.07, 102.19, and 102.36. Hourly Moving Averages are bearish, with the 200SMA at 102.05 and the daily 20EMA bearish at 102.06. Hourly RSI is bearish at 45.

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