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3 Mar 2014
USD/JPY had several reasons to fall
FXstreet.com (Moscow) – USD/JPY Is again under pressure from the early morning starting Monday at 101.53 and reaching 101.25 session low soon; it trades around 101.30 at the moment.
USD/JPY will focus on Ukraine
Nikkei closed down by 1.27% at 14,652.23. And this was not the only argument for the pair sell-off. The escalating conflict between Russian and Ukraine did its job in the morning, and the news about North Korea firing two missiles into the sea off their east coast only added to the pressure. The pair was quite reserved last week, but H4 chart shows the downside trend with a series of lower lows. This week the slide may speed up given the growing tension in some parts of Ukraine, and the readiness of Russia to step up with military forces. The scheduled for release fundamental data will take a backseat given the weather distortions and the lack of confidence in data adequacy. Nevertheless, the market will still keep an eye on some leading indicators of labor market stance. The scheduled for release US ISM Manufacturing PMI is of interest today. And if employment component will surprise to the upside, it will support some demand on USD with initial target at 101.88 resistance level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.88, with support below at 101.45, 101.12 and 100.69, with resistance above at 102.21, 102.64, and 102.97. Hourly Moving Averages are bearish, with the 200SMA at 102.24 and the daily 20EMA at 102.33. Hourly RSI is neutral at 35.
USD/JPY will focus on Ukraine
Nikkei closed down by 1.27% at 14,652.23. And this was not the only argument for the pair sell-off. The escalating conflict between Russian and Ukraine did its job in the morning, and the news about North Korea firing two missiles into the sea off their east coast only added to the pressure. The pair was quite reserved last week, but H4 chart shows the downside trend with a series of lower lows. This week the slide may speed up given the growing tension in some parts of Ukraine, and the readiness of Russia to step up with military forces. The scheduled for release fundamental data will take a backseat given the weather distortions and the lack of confidence in data adequacy. Nevertheless, the market will still keep an eye on some leading indicators of labor market stance. The scheduled for release US ISM Manufacturing PMI is of interest today. And if employment component will surprise to the upside, it will support some demand on USD with initial target at 101.88 resistance level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.88, with support below at 101.45, 101.12 and 100.69, with resistance above at 102.21, 102.64, and 102.97. Hourly Moving Averages are bearish, with the 200SMA at 102.24 and the daily 20EMA at 102.33. Hourly RSI is neutral at 35.