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17 Mar 2014
USD/JPY recovers on investors cutting risk-off positions
FXstreet.com (Moscow) – USD/JPY drifts higher from the open; it reached 101.66 from 101.27 at the start.
Yen may have a rest for now
The risk aversion is still the yen’s friend, thus the further slide of the pair is not ruled out, at least up till Wednesday, when FOMC meeting is expected to return interest to USD. By the way, don’t forget about traditional yen strength closer to the end of the financial year in Japan. The repatriation flows will support the Japanese currency during the last weeks of March, as always did. Nevertheless, while officials keep silence, and the world was not torn into pieces by the Crimean referendum, investors start to cut the safe-heaven positions. Thus, we can see further move higher of the pair with initial target at 101.77 in short-term.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.49, with support below at 101.08, 100.80 and 100.40, with resistance above at 101.77, 102.17, and 102.45. Hourly Moving Averages are bearish, with the 200SMA at 102.63 and the daily 20EMA at 102.39. Hourly RSI is neutral at 42.
Yen may have a rest for now
The risk aversion is still the yen’s friend, thus the further slide of the pair is not ruled out, at least up till Wednesday, when FOMC meeting is expected to return interest to USD. By the way, don’t forget about traditional yen strength closer to the end of the financial year in Japan. The repatriation flows will support the Japanese currency during the last weeks of March, as always did. Nevertheless, while officials keep silence, and the world was not torn into pieces by the Crimean referendum, investors start to cut the safe-heaven positions. Thus, we can see further move higher of the pair with initial target at 101.77 in short-term.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.49, with support below at 101.08, 100.80 and 100.40, with resistance above at 101.77, 102.17, and 102.45. Hourly Moving Averages are bearish, with the 200SMA at 102.63 and the daily 20EMA at 102.39. Hourly RSI is neutral at 42.