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USD/JPY died in the middle of tiny range

FXStreet (Moscow) - USD/JPY opened the day at 101.56, reached session low at 101.41swang back to session high at 101.63, and died somewhere in the middle.

It’s all about the yield

Despite the mixture of good and bad data from the US it looks like the market completely ignores the fundamentals, and is focused on 10Y treasuries moves. The US government bonds keep refreshing multi-month lows triggering the flight out of the USD. All of this brought the pair to March lows threatening the uptrend which we have seen from October, 2013. If the 101.30 area is broken it may bring another round of sell-off with initial target at 100.85 support level.

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.

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