USD/JPY is too shy to cross 102

By FXstreet.com | July 16, 2014 AAA

FXStreet (Moscow) - USD/JPY opened at 101.66, added 10 pips, and moved back below 101.70 at the moment.



Too shy rally



The pair is gradually rising on global risk aversion related to new wave of rumors on Banco Espirito filing for bankruptcy. Besides, the oil to the fire was added by Janet Yellen during her testimony in Congress yesterday. She hinted on bubbles evolving in some stock sectors and admitted the inflation is not strong enough yet. All of this on the whole supported the interest to the USD, but the move of the pair was too shy to believe in some serious rally ahead. The initial target to the upside may lie at 101.82, while the downside may be protected by 101.49 support.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 101.62, with support below at 101.49, 101.30 and 101.17 with resistance above at 101.82, 101.95, and 102.14. Hourly Moving Averages are bullish, with the 200SMA at 101.67 and the daily 20EMA at 101.71. Hourly RSI is bullish at 63.



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