USD/JPY is scared of heights, but still around 102.80

By FXstreet.com | July 31, 2014 AAA

FXStreet (Moscow) - USD/JPY opened at 102.80, slid to 102.72 in order to rebound back above 102.80 by the moment.



Positioning before the NFP



The pair is on the way to new highs especially if US data continues to signal the stronger than expected recovery, as US GDP did yesterday. Today the market may focus on labor reports as readings may help the investors to position before the key event of the week – Non-Farm Payrolls. We already know that ADP came out below expectations, so if Challenger’s data and Jobless Claims disappoint as well, we may see the reversal from the recent highs with initial target at 102.18 support.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.64, with support below at 102.18, 101.58 and 101.12 with resistance above at 103.25, 103.71, and 104.31. Hourly Moving Averages are bullish, with the 200SMA bullish at 101.73 and the daily 20EMA bullish at 101.80. Hourly RSI is bullish at 72.



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