USD/JPY is under pressure with Europeans coming to desks

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - USD/JPY opened the day at 101.89, and slid to 101.76 area by the moment.



The perfect dove



And again it is all about 102.00, and extremely low levels of volatility did all for the pair to stay in narrow ranges for such a long time even on quite significant catalyst. Just look, the market expected positive outlook and aggressive comments from the Fed, as previously released CPI data showed the price pressure rising above the target level. Janet Yellen remained the perfect dove, and the market was disappointed, but we only saw the pair losing about 40 pips on the news. Since there is nothing more to move on, the pair may react to stock market developments with 102,05 to the upside, and 101.55 to the downside to become initial targets.



What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.05, with support below at 101.74, 101.55 and 101.24 with resistance above at 102.23, 102.55, and 102.73. Hourly Moving Averages are bearish, with the 200SMA at 102.13 and the daily 20EMA bearish at 102.07. Hourly RSI is bearish at 39.



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