USD/JPY is testing waters below 102.50 support

By FXstreet.com | June 08, 2014 AAA

FXStreet (Moscow) - USD/JPY slid from the current intraday high of 102.64 and settled around 102.50 during quiet Asian hours

No motives to climb out of range so far

USD/JPY finished week well above 102.00 level, though the upside was not as aggressive as one might expect as the pair failed to overcome 102.80 hurdle. Consolidation is the order of the week as long as USD/JPY trades above 102.00 on the downside and 102.80 on the upside. There are a number of USD-related events that may push the pair out of the range this week, namely, retail sales report, PPI and consumer confidence data; Bank of Japan monetary policy meeting is also of interest though it will hardly become a market mover. On the intraday basis we are waiting for a dull technical rangebound trading, limited by 102.20 on the downside and 102.60/70 on the upside.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.40, with support below at 102.18, 101.89 and 101.66 with resistance above at 102.70, 102.92, and 103.22. Hourly Moving Averages are bearish, with the 200SMA at 102.16 and the daily 20EMA at 102.11. Hourly RSI is bearish at 66.

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