USD/JPY is meditating at 101.80 pivot

By FXstreet.com | Updated July 27, 2014 AAA

FXStreet (Moscow) - USD/JPY is sitting in a tight range close to the pivotal resistance of 101.80 after a failed Friday’s attempt to get above 102.00.

Meditating at 101.80

USD/JPY made a good try at 102.00 on Friday, but there were too many sell orders to absorb, clustered around the pivot, that the bulls had to retreat to 101.80. On weekly basis the pair gained 50 pips and continued its long term consolidation pattern. From the fundamental point of view, there are two key risk events that may push USD/JPY out of the range this week. They are Fed monetary policy decision and July Non-Farm Payrolls. A bit more hawkish tone from Fed and slightly higher employment numbers might be enough to inspire USD bulls to drive the pair well above 102.00. On the other side of the equation there are risk sentiments that may turn sour any time, and positive Japanese macro statistics (retail sales, unemployment rate, household spending and industrial production are of interest this week.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.83, with support below at 101.71, 101.58 and 101.46 with resistance above at 101.95, 102.07, and 102.20. Hourly Moving Averages are bullish, with the 200SMA bullish at 101.53 and the daily 20EMA bullish at 101.62. Hourly RSI is bullish at 51.

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