USD/JPY is not ready to go above 102.00 yet

By FXstreet.com | July 02, 2014 AAA

FXStreet (Moscow) - USD/JPY touched the high of 101.93 early in Asia, though the gains were not sustained and the pair retreated to 101.84



Under pressure



USD/JPY have been growing for the third day in a row now. The pair bottomed out at 101.23 and started the upside correction, but it seems that 102.00 resistance is too strong for USD/JPY bulls to be taken out easily. Geopolitical tensions are another obstacle on the way high, as brewing conflicts support demand for safe-heaven JPY. On the other hand, better than expected Non-Farm Payrolls published today might support USD across the board and help USD/JPY to overcome 102.00 hurdle. Once this resistance is broken, the upside might be extended to 102.40/50.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 101.68, with support below at 101.50, 101.23 and 101.05 with resistance above at 101.96, 102.14, and 102.41. Hourly Moving Averages are mostly bullish, with the 200SMA at 101.69 and the daily 20EMA at 101.84. Hourly RSI is bullish at 62.



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