USD/JPY is stuck at the pivotal level of 101.50

By FXstreet.com | July 09, 2014 AAA

FXStreet (Moscow) - USD/JPY is consolidating early Asian losses caused by overall USD weakness. The pair has settled around 101.50 level.



Bears try to regain control



USD/JPY bulls had a try at 101.80 on Wednesday, but their attempts were doomed as USD weakened across the board as FOMC minutes turned out to be less hawkish than many out there hoped for. From the technical point of view, the failure at the above said minor resistance level strengthens the short-term bearish case for USD/JPY, the pair needs to overcome strong demand located in 101.50/40 area to get a chance for a deeper move to the the next support area of 101.10/00, where strong bids coupled with stops are likely to limit the downside for the time being.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 101.65, with support below at 101.43, 101.22 and 100.99 with resistance above at 101.86, 102.09, and 102.30. Hourly Moving Averages are bearish, with the 200SMA at 101.71 and the daily 20EMA at 101.84. Hourly RSI is bearish at 37.



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