USD/JPY is trying to go back to the cage

By FXstreet.com | July 04, 2014 AAA

FXStreet (Moscow) - USD/JPY opened the day at 102,18, slid to session low at 101.96, and is still moving around.



New era for USD



The pair has finally broke above 102.00 yesterday and has much better potential to move higher now, when the market started to believe that the US economy is on the recovery path, and gathering pace now. In current situation every coming report out of the USA proving the stable growth may give the buck additional support, and in this case the next target may be at 102.41. Nevertheless, the slide down is not ruled out given the pair is currently testing support area around 102.00.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.08, with support below at 101.86, 101.53 and 101.31 with resistance above at 102.41, 102.63, and 102.96. Hourly Moving Averages are mostly bullish, with the 200SMA at 101.70 and the daily 20EMA at 101.87. Hourly RSI is bullish at 60.



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