USD/JPY is sandwiched between 102.60 and 102.50

By FXstreet.com | August 05, 2014 AAA

FXStreet (Moscow) - USD/JPY has moved in a 10-pip range in Asia, as traders need more stimulus to breakthrough local technical levels; currently the pair trades at 102.55.

USD bulls will have it their out way

US ISM in Non-Manufacturing didn’t fail us. The index exceeded median expectations and thus confirmed the brightened perspectives of service segment, reflected in other service sector surveys. All components (except prices) beat the expectations, while employment index continued to grow steadily for the fourth mont in a row now. The actual reaction to the data was muted as USD had started climbing higher agains majors before the report, on anticipations. Anyway, it pushed USD/JPY above 102.80 pivot, but the movement proved to be unsustainable as the pair finished the day at 102.57. Further USD/JPY upside may be delayed for another couple of days. On the intraday basis, the support is seen at 102.30, while the technically important resistance is seen at 102.80/90. Offers on approach and large stops scatter around might discourage the bulls for a while, but as soon as this obstacle is out of the way, the pair will extend the upside to 103.00.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.66, with support below at 102.39, 102.18 and 101.90 with resistance above at 102.87, 103.15, and 103.36. Hourly Moving Averages are bullish, with the 200SMA bullish at 102.34 and the daily 20EMA bullish at 102.07. Hourly RSI is bearish at 41.

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