USD/JPY is in retreat; 102.00 is a hard nut to crack

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - USD/JPY poked at the resistance of 102.08, but failed to go through the area of stops and retraced to 101.80



USD/JPY is scared to rise



Revived by the World Bank fears of unstable recovery in the global economy is the key reason the pair is under pressure these days. While the BOJ positively surprises the market by not changing anything, the Fed disappoints the market with the same neutral stance. Given the uncertainty about the exact size of the American economy slack, it is difficult for the pair to show a full-blown rally, and now even harder given the revised down growth forecasts for the US economy (2.1% from 2.8% earlier).



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 101.82, with support below at 101.48, 101.27 and 100.93 with resistance above at 102.04, 102.38, and 102.59. Hourly Moving Averages are mostly bearish, with the 200SMA at 102.36 and the daily 20EMA at 102.11. Hourly RSI is bearish at 42.



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