USD/JPY sitting on 102 ahead of BoJ

By FXstreet.com | June 12, 2014 AAA

FXStreet (London) - Having made a high at 102.15 overnight, USD/JPY declined to post a low at 101.96, before finding support at the psychological level and climbing to where it is currently trading at 102.08, up 0.01% on the day so far.

There was no Japanese economic data overnight, reflecting the slow movement during the Asia session. Focus is expected to shift to Friday’s BoJ meeting where QQE is expected to remain unchanged, despite recent official commentary indicating that an exit strategy is being considered at some levels. Over recent sessions, the 102 level has been one of interest, especially with the June downtrend from the June 4 high at 102.53. The swift drop to daily lows this morning looks to be led by EUR/JPY flow following better than expect Eurozone Industrial Production numbers.

USD/JPY Levels

Looking to the FXStreet OB/OS Index, we see that the market is neutral in sentiment, but slightly bullish on the FXStreet Trend Index. Daily RSI is neutral at 48.62 while daily volatility bandwidth is expanding and presently at 166 pips. Looking back over the past four weeks we can see that 13:00-14:00 GMT is the most volatile hour of the day, with an average hourly movement of 15 pips.

Spot is presently trading at 102.08, and next resistance can be seen at 102.11 (Daily Classic PP), 102.15 (Daily High), 102.16 (Daily 20 SMA), 102.25 (Daily 100 SMA) and 102.31 (Hourly 100 SMA). To the downside we see next support at 102.07 (Daily Open), 102.07 (Weekly Low), 102.06 (Hourly 20 EMA), 101.96 (Daily Low) and 101.88 (Weekly Classic S1).

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