USD/JPY is ready to refresh July highs

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - USD/JPY opened at 102.10, rose to 102.18 session high, and is on the way higher at the moment.



Buck is popular again!



USD/JPY finally managed to settle above 102.00, and yesterday’s stronger than expected Consumer Confidence data was one of the catalysts of such buck’s popularity. The market is starting to believe in US recovery, and price-in the looming tightening of monetary policy. The scheduled for today GDP data, and FOMC meeting may become the key catalysts of moves. The next target to the upside for the pair may be at 102.26 resistance.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.04, with support below at 101.90, 101.68 and 101.55 with resistance above at 102.26, 102.39, and 102.61. Hourly Moving Averages are bullish, with the 200SMA bullish at 101.61 and the daily 20EMA bullish at 101.69. Hourly RSI is bullish at 57.



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