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2 Apr 2014
USD/JPY dreams of 104.00 and above
FXstreet.com (Moscow) – USD/JPY reached 9-week high at 103.93 in the morning, but since that time retraced back to 103.80 area.
The Yen has the reasons to fall
The pair finally broke above 103.40 resistance even despite the worse than expected US Manufacturing ISM data. Probably the outflows of the repatriated earlier capital have started right now, and will keep the pair supported during the first week of April. It traditionally does. Besides, the market is focused on the US Non-Farm Payrolls Report, which is expected to be stronger this time as bad weather effect has almost completely evaporated. Today the pair may get some fuel from ADP private employment report, if the numbers prove to be better than expected. If so, wait for the move higher with initial target at 104.13 resistance level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.49, with support below at 103.24, 102.84 and 102.60 with resistance above at 103.89, 104.13, and 104.53. Hourly Moving Averages are bullish, with the 200SMA at 102.56 and the daily 20EMA at 102.50. Hourly RSI is neutral at 72.
The Yen has the reasons to fall
The pair finally broke above 103.40 resistance even despite the worse than expected US Manufacturing ISM data. Probably the outflows of the repatriated earlier capital have started right now, and will keep the pair supported during the first week of April. It traditionally does. Besides, the market is focused on the US Non-Farm Payrolls Report, which is expected to be stronger this time as bad weather effect has almost completely evaporated. Today the pair may get some fuel from ADP private employment report, if the numbers prove to be better than expected. If so, wait for the move higher with initial target at 104.13 resistance level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.49, with support below at 103.24, 102.84 and 102.60 with resistance above at 103.89, 104.13, and 104.53. Hourly Moving Averages are bullish, with the 200SMA at 102.56 and the daily 20EMA at 102.50. Hourly RSI is neutral at 72.