USD/JPY ignored Kuroda, and returned to 101.50 area

FXstreet.com (Moscow) – USD/JPY was quite volatily, though in tight ranges starting the day at 101.51, posting low at 101.29 and rebounding back to open levels at the moment.

Jannet Yellen is the one to focus on

Nikkei closed up 0.36% at 14,462.52 supporting the timid pair recovery close to European open.. USD/JPY had a tight, rangebound day, supported around 101.30. Kuroda’s speech was completely ignored by the market, as he didn’t say anything new. The pair may finally resume the rise today on positive expectations from the FOMC meeting. Although mostly the market doesn’t expect any surprises, and already priced-in the change in forward guidance, and another 10 bln reduction of QE3, there may be some interesting developments. The focus may be on Jannet Yellen and her comments on current situation, and economic outlook. Positive sentiment may support the pair with initial target at 101.84 resistance level.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.56, with support below at 101.16, 100.87 and 100.47, with resistance above at 101.84, 102.24, and 102.53. Hourly Moving Averages are bearish, with the 200SMA at 102.45 and the daily 20EMA at 102.24. Hourly RSI is neutral at 41.