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2 Apr 2014
USD/JPY goes on with retracement
FXstreet.com (Moscow) – USD/JPY continued to retrace from 9-week highs reaching 103.66 by the moment.
ADP is reliable as a direction indicator
Although the pair still has good potential to go higher, the momentum was lost in the morning as soon as the pair came closer to 104.00. The resistance is quite hard to break through on bare technicals, thus we need to get really strong ADP data to move higher. The US private sector employment survey used to have little correlation with the NFP results, but recent statistics shows that it usually helps to predict the direction of the Friday’s report. Thus, the market will be focused on the numbers released in an hour-time. If 104.00 broken, wait for the move higher with initial target at 104.53.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.49, with support below at 103.24, 102.84 and 102.60 with resistance above at 103.89, 104.13, and 104.53. Hourly Moving Averages are bullish, with the 200SMA at 102.56 and the daily 20EMA at 102.50. Hourly RSI is neutral at 72.
ADP is reliable as a direction indicator
Although the pair still has good potential to go higher, the momentum was lost in the morning as soon as the pair came closer to 104.00. The resistance is quite hard to break through on bare technicals, thus we need to get really strong ADP data to move higher. The US private sector employment survey used to have little correlation with the NFP results, but recent statistics shows that it usually helps to predict the direction of the Friday’s report. Thus, the market will be focused on the numbers released in an hour-time. If 104.00 broken, wait for the move higher with initial target at 104.53.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.49, with support below at 103.24, 102.84 and 102.60 with resistance above at 103.89, 104.13, and 104.53. Hourly Moving Averages are bullish, with the 200SMA at 102.56 and the daily 20EMA at 102.50. Hourly RSI is neutral at 72.