USD/JPY is under pressure from Obama and Iraq

By FXstreet.com | August 07, 2014 AAA

FXStreet (Moscow) - USD/JPY slid below 102.00 reaching 2.5-week low at 101.59, but rebounded to 101.70 area by the moment.



Back to the old range



On Wednesday it looked like the pair lost control, on Thursday there was hope with Japanese GPIF rumors on the plans to allocate over 20% of funds to Japanese stocks from the current 12% target. However, it didn’t help the pair to recover either. Today the key catalyst for the pair is press conference by US President Obama at which he said he has authorised air strikes against the genocidal militants in Iraq. New wave of conflict may put the pair under additional pressure, and it already does. The initial target to the downside may lie at 101. 40.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.19, with support below at 101.89, 101.69 and 101.40 with resistance above at 102.39, 102.68, and 102.88. Hourly Moving Averages are mixed, with the 200SMA bearish at 102.44 and the daily 20EMA flat at 102.02. Hourly RSI is bearish at 29.



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