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22 May 2014
USD/JPY stalled at the area of stops at 101.70
FXStreet (Moscow) - USD/JPY jumped 30 pips higher as the pair is trading at 101.70 after opening at 101.40
The BOJ is in no rush
The unexpectedly optimistic comments from the BOJ we saw yesterday changed the world for the pair bulls. The chances to see additional round of stimulus on the back of positive economy assessment form the monetary authority are slowly coming to zero, at least, for the nearest future. The market has been pricing in the monetary easing from the Japanese regulator before the April tax hike, or right after assuming that the economy will be badly damaged by higher tax burden on consumer. However, the BOJ is no rush to give the market what it expected, thus, the reduction of longs may continue in the near-term, pressuring the pair with initial targets at 101.80 and 102.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.27, with support below at 100.91, 100.46 and 100.10 with resistance above at 101.72, 102.08, and 102.53. Hourly Moving Averages are mostly bullish, with the 200SMA at 101.68 and the daily 20EMA at 101.92. Hourly RSI is bullish at 59
The BOJ is in no rush
The unexpectedly optimistic comments from the BOJ we saw yesterday changed the world for the pair bulls. The chances to see additional round of stimulus on the back of positive economy assessment form the monetary authority are slowly coming to zero, at least, for the nearest future. The market has been pricing in the monetary easing from the Japanese regulator before the April tax hike, or right after assuming that the economy will be badly damaged by higher tax burden on consumer. However, the BOJ is no rush to give the market what it expected, thus, the reduction of longs may continue in the near-term, pressuring the pair with initial targets at 101.80 and 102.00.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.27, with support below at 100.91, 100.46 and 100.10 with resistance above at 101.72, 102.08, and 102.53. Hourly Moving Averages are mostly bullish, with the 200SMA at 101.68 and the daily 20EMA at 101.92. Hourly RSI is bullish at 59