USD/JPY sprang into motion on broad risk appetite

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - USD/JPY opened at 101.37, edged higher during Asian session, and sprang into motion in Europe, trading around 101.50 area.

Chances for breakout

Despite the initial move higher to 101.52, the momentum is fading away, and we may see another boring session. The loyalty of the USD/JPY to 150-pip range during the last 3.5 months may be respected, but the reserved reaction of the pair to any piece of news sometimes irritates. Even this week full of all kinds of catalysts starting from the earnings report season and ending with the Yellen’s speech may leave the pair still there within 101.00-102.50. However, the Fed’s chairman still have the chances to impress the market if she names the clearer date of the first rate hike. The initial target to the upside may be at 101.56, and to the downside – at 101.18.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.29, with support below at 101.18, 101.10 and 100.99 with resistance above at 101.37, 101.48, and 101.56. Hourly Moving Averages are mixed, with the 200SMA at 101.70 and the daily 20EMA at 101.74. Hourly RSI is bullish at 55.

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