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28 Mar 2014

USD/JPY trading at daily highs

FXStreet (Barcelona) - USD/JPY is up 0.27% on the day at 102.46, having previously posted a daily high at 102.48 and a low at 102.03

Having been on the bid throughout the European session, USD/JPY is now making daily highs. Jamie Coleman of FXBeat comments, “USD/JPY continues to stall ahead of 102.50/70 offers, but with repeated stalls in the 102.40/45 area there have to be some stop-loss buy orders mixed in above 102.50 now.” Global equities are also up with Coleman adding that US bond yields, a key determinant for USD/JPY direction of late, “now stand at 2.69%, up 2bp on the day.”

USD/JPY Technicals

According to hourly FXStreet proprietary tools the OB/OS Index and Trend Index, the pair is overbought and slightly bullish respectively. Currently RSI is at 75.51, up from the last hourly print at 65.87, with ADX at 67.61, up from its previous close at 20.53. Meanwhile, daily RSI is in neutral territory at 48.67.

On the hourly USD/JPY chart, the 200 SMA is climbing and currently at 102.17, up from the previous hour close at 102.13. The USD/JPY exponential closing price for the past 20 days is 102.24, and ranging. The hourly USD/JPY chart is showing the 2-Standard Deviation Volatility Bandwidth is at 29 pips and expanding, while the ATR (14) is currently at 6 pips. Viewing a daily USD/JPY chart, 2-Standard Deviation Volatility Bandwidth is shrinking at 229 pips.

What are today’s key USD/JPY levels?

Current price is 102.45, with resistance ahead at 102.48 (Daily High), 102.52 (Daily Classic R1), 102.62 (Daily 100 SMA), 102.85 (Daily ClassicR2) and 102.91 (Weekly Classic R1). To the downside we see next support at 102.45 (Yesterday's High), 102.29 (Weekly High), 102.24 (Daily 20 SMA), 102.23 (Hourly 100 SMA) and 102.22 (Hourly 20 EMA).
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