USD/JPY voodoo dancing around 102.50

By FXstreet.com | August 14, 2014 AAA

FXStreet (Moscow) - USD/JPY is beating about 102.50 pivot as the pair started the day at 102.46 and managed to climb to Asian high of 102.56 where bullish momentum has waned.

What’s so peculiar above 102.50?

USD/JPY tested 102.66 on Thursday, but finished the day below 102.50. It means that we keep on waiting for a daily close above this hard-to-crack resistance to get a chance to see the pair at 102.80 pivot. Today everything is flat at the markets: flat USD/JPY, flat Japanese stocks, flat USD in other pairs and practically nonexistent volatility. Looks like Asian traders are in the weekend mood already as most inhabitants of FX universe are stuck in narrow ranges. Later during the day, geopolitical news might boost USD/JPY volatility. Fresh signs of Russia-West-Ukraine conflict de-escalation would be very welcome and support JPY selling, while positive industrial production and Michigan consumer sentiments data might support USD buying. From the technical point of view, 102.50 is pivotal, the bulls might be stopped by 102.65/70 as this is the area where exporter offers are spotted; the bears may bump into medium demand at 102.25.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.48, with support below at 102.28, 102.11 and 101.92 with resistance above at 102.65, 102.84, and 103.01. Hourly Moving Averages are bullish, with the 200SMA bullish at 102.30 and the daily 20EMA bullish at 102.16. Hourly RSI is bullish at 60.

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