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16 May 2014

USD/JPY bears are determined to set new lows

FXStreet (Moscow) - USD/JPY is sitting in a tight range with clear bearish bias as the pair retreated from Asian high of 101.66 and moved to 101.44.

New low every day

USD/JPY was under pressure again as concerns about the star of global economy, fueled by weaker than expected EZ GDP numbers and drop in US industrial production. USD/JPY dropped to new multi-week lows at 101.31. Japanese Industrial Production for March came out in line with expectations, though it was largely ignored by the market. Later during the day keep an eye at American macro statistics as it may influence USD sentiments into the end of the week. While positive housing starts report will help to ease the concerns about the state of the US economy and, consequently, push Dollar higher across the board, USD/JPY upside is likely to be limited by 101.70.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.67, with support below at 101.22, 100.85 and 100.40 with resistance above at 102.04, 102.49, and 102.86. Hourly Moving Averages are bearish, with the 200SMA at 101.86 and the daily 20EMA at 102.09. Hourly RSI is bearish at 35
May 16, 2014

Japan Industrial Production (MoM) came in at 0.7%, above forecasts (0.3%) in March

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May 16, 2014

Japan Industrial Production (YoY) increased to 7.4% in March from previous 7%

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