USD/JPY is hesitant at 102.00 pivot

By FXstreet.com | June 11, 2014 AAA

FXStreet (Moscow) - USD/JPY is sitting at 102.00 pivot as market cannot decide whether it is ready for a sustained break below, or not.

BoJ is in focus

USD/JPY dipped below the pivotal level of 102.00 on Wednesday as the Japanese currency was growing steadily across the board. There are no economic publications scheduled from Japan for today, thus market focus is shifting to the Bank of Japan monetary policy decision to be declared on Friday. It is expected to leave QQE unchanged, but comments from the Head of the Central Bank might shed some light on future easing. Mildly positive economic statistics published lately improved the investors mood, thus JPY is strengthening on anticipations of more optimism from central bank. USD/JPY might dip to 101.70 during the day, while the upside correction will be limited by 102.30.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.11, with support below at 101.92, 101.56 and 101.27 with resistance above at 102.37, 102.66, and 102.92. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.36 and the daily 20EMA at 102.16. Hourly RSI is bearish at 43.

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