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4 Jun 2014
USD/JPY: Take it easy, it’s just a correction
FXStreet (Moscow) - USD/JPY retraced from its Asian high of 102.79 and settled at 102.69 ahead of European opening
Bulls still have a chance
The resistance of 102.80 appeared to be a hard nut to crack for USD/JPY bulls as the pair retraced to 102.69 after a failed attempt to go through the area of strong offers. Though On the intraday basis both 1h and 4h charts demonstrate a clear upside trend. Thus as long as the pair keeps above 102.50, this may be regarded as a healthy correction, a short respite before a new assault.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.45, with support below at 102.33, 102.14 and 102.02 with resistance above at 102.63, 102.75, and 102.94. Hourly Moving Averages are bullish, with the 200SMA at 101.95 and the daily 20EMA at 101.96. Hourly RSI is bullish at 69.
Bulls still have a chance
The resistance of 102.80 appeared to be a hard nut to crack for USD/JPY bulls as the pair retraced to 102.69 after a failed attempt to go through the area of strong offers. Though On the intraday basis both 1h and 4h charts demonstrate a clear upside trend. Thus as long as the pair keeps above 102.50, this may be regarded as a healthy correction, a short respite before a new assault.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.45, with support below at 102.33, 102.14 and 102.02 with resistance above at 102.63, 102.75, and 102.94. Hourly Moving Averages are bullish, with the 200SMA at 101.95 and the daily 20EMA at 101.96. Hourly RSI is bullish at 69.