USD/JPY: pause before a new rush higher?

By FXstreet.com | Updated July 31, 2014 AAA

FXStreet (Moscow) - USD/JPY knocked at 103.00, and retraced to current level of 102.77 as traders are happy to lock profits after Wednesday’s rally.



USD/JPY got a good push



USD/JPY showed a stellar performance and even poked at 103.00 resistance on Wednesday as the investors fell in love with US currency after unexpectedly high US GDP data. The technical picture is bullish, but we do not rule out a retracement to 101.50 support on the back of profit-taking and ahead of the next key event of the week, namely the US Non-Farm Payrolls report published on Friday. The immediate upside dynamics is likely to be capped by 103.00, though if it is broken, the upside may extend to 103.30.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.64, with support below at 102.18, 101.58 and 101.12 with resistance above at 103.25, 103.71, and 104.31. Hourly Moving Averages are bullish, with the 200SMA bullish at 101.73 and the daily 20EMA bullish at 101.80. Hourly RSI is bullish at 72.



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