USD/JPY is knocking at 102.00 resistance

By FXstreet.com | Updated July 29, 2014 AAA

FXStreet (Moscow) - USD/JPY is on the move. The pair recovered from the Asian low of 101.82 and stopped right below the pivotal resistance of 102.00

Macroeconomics is a wallflower

USD/JPY traders are doing their best to make things more lively today in Tokyo, though the key levels are still unbroken, which means that it is too early to cry victory. Japanese labour market and consumer spending figures published earlier today were largely unnoticed as they came out mixed, while retake sales failed to live up to expectations. The next key Japanese macroeconomic report is scheduled for tomorrow. It’s the industrial production numbers that are expected to slip to -1.2% in June after +0.7% in May. Though the chances are that it is likely to be ignored too as overall market sentiments and geopolitical risks are what interests markets most. From the technical point of view the key levels to watch are 102.00/20 on the upside and 101.80 on the downside.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.84, with support below at 101.76, 101.67 and 101.59 with resistance above at 101.94, 102.02, and 102.11. Hourly Moving Averages are bullish, with the 200SMA bullish at 101.55 and the daily 20EMA bullish at 101.86. Hourly RSI is bullish at 69.

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