USD/JPY is pressures by risk aversion, and may get hit by US data

By FXstreet.com | July 17, 2014 AAA

FXStreet (Moscow) - USD/JPY opened at 101.67, and slid to 101.43 low by the moment pressured by risk aversive moods.



Hard time rising
The pair is having hard time rising, as there is lack of economic catalysts, and lack of any hints on Yellen’s side that could drive the demand on the American currency. However, nothing is lost for now, as we still have some US data scheduled for release tonight. Housing readings coupled with labor data may give the pair the needed incentive to move this or that way. We must admit that new and existing home sales have gradually shown downward movement, and the released tonight data may confirm the downside risks. If so, the pair may come under pressure again, and go back to 102.00 support level.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 101.70, with support below at 101.60, 101.52 and 102.42 with resistance above at 101.78, 101.88, and 101.96. Hourly Moving Averages are mostly bearish, with the 200SMA at 101.62 and the daily 20EMA at 101.71. Hourly RSI is bearish at 34.



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