USD/JPY recovered to 101.80 on BOJ and got tired

By FXstreet.com | Updated August 07, 2014 AAA

FXStreet (Moscow) - USD/JPY is making feeble attempts to recover from Asian lows at 101.60 as JPY has weakened on the back of dovish BoJ.

Kuroda puts on a good face

The cherished hopes of USD/JPY bulls was ruined by american military air jets as the pair tumbled to 101.60 when the news of possible airstrips in Iraq hit the wires. Bank of Japan monetary policy statement proved to be a non-event with just one exception - export and output forecasts were downgraded. This put JPY under selling pressure and helped the pair to recover from Asian trough, but the upside momentum proved to be too weak to get it above 101.80. Now all eyes are on BoJ Governor Kuroda press conference. Investors hope to hear some clarifications from him, though he might choose to be as dull as possible. From the technical point of view, keep an eye at 101.80 on the upside as we need to break it to clear the way towards 102.00. The upside is limited by Asian low of 101.60.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.19, with support below at 101.89, 101.69 and 101.40 with resistance above at 102.39, 102.68, and 102.88. Hourly Moving Averages are mixed, with the 200SMA bearish at 102.44 and the daily 20EMA flat at 102.02. Hourly RSI is bearish at 29.

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