USD/JPY is waiting for a better chance to break above 103.00

By FXstreet.com | Updated August 01, 2014 AAA

FXStreet (Moscow) - USD/JPY has recovered from the Asian low of 102.73 and stopped marginally below 103.00 resistance as market has fell asleep before NFP



Time to stay and stare



USD/JPY consolidates below 103.00 pivot and it may take some time to crack this resistance, but the market has definitely turned bullish on USD/JPY. From the technical point of view we need a weekly close above 102.80 to confirm this view. Now investors can hardly thing of anything except Non Farm Payrolls numbers, thus the redo to European session is going to be calm. Keep an eye at 103.00 resistance, it might be regarded by sell on rally entry point for short-term intraday traders. The downside is likely to be limited by 102.50 support.



What are today’s key USD/JPY levels?



Today's central pivot point can be found at 102.84, with support below at 102.67, 102.54 and 102.37 with resistance above at 102.96, 103.13, and 103.26. Hourly Moving Averages are bullish, with the 200SMA bullish at 101.94 and the daily 20EMA bullish at 101.90. Hourly RSI is bullish at 60.



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