USD/JPY sunbathes on the roof of recent range

By FXstreet.com | July 07, 2014 AAA

FXStreet (Moscow) - USD/JPY opened the day at 102,04, reached session high at 102.19, and went back to the open levels again.



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The pair is still above 102.00, but its positions look very fragile, especially on the back of practically empty calendar. However, the USD still has the chances to get a new surge of demand provided scheduled for release this week FOMC minutes will be more aggressive than usual. Any hints from monetary authorities on stronger economic recovery in store may become another reason to buy the pair. It did try to resume the rise on the news about revised forecasts from Goldman, and may show some new attempts soon. The initial target to the upside may lie at 102.41 resistance level.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.11, with support below at 101.94, 101.80 and 101.64 with resistance above at 102.25, 102.41, and 102.55. Hourly Moving Averages are bullish, with the 200SMA at 101.72 and the daily 20EMA at 101.87. Hourly RSI is bullish at 57.



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