USD/JPY laboring its way above 102.50… again

By FXstreet.com | Updated August 15, 2014 AAA

FXStreet (Moscow) - USD/JPY opened the day at 102.44 and edged higher during Asian and early European sessions, reaching 102.55 by the moment.



More fuel for USD



The 102.50 area looks like a significant barrier for the pair on the way higher. Besides, the evolving popularity of the USD must be fueled with something, and so far we have not enough positive surprises from the US economy to see a steady rally. The scheduled for tonight events are mostly of the second-tier nature, however, they shouldn’t be neglected, as they help to add the needed puzzles to the whole picture. Industrial Production data coupled with the Reuters/Michigan Consumer Sentiment Index may trigger mild volatility supporting the pair higher in case of better than expected readings.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.48, with support below at 102.28, 102.11 and 101.92 with resistance above at 102.65, 102.84, and 103.01. Hourly Moving Averages are bullish, with the 200SMA bullish at 102.31 and the daily 20EMA bullish at 102.16. Hourly RSI is bullish at 60.



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