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5 Sep 2014
USD/JPY retreated from 6-year high before another attack
FXStreet (Moscow) - USD/JPY retreated from almost 6-year high at 105.70 seen in Asia; it is trading at 105.24.
Another volatile day
Today the pair became even closer to 6-year highs, but the stronger than expected Non-Manufacturing ISM was not enough to convince the traders to buy more. Partially the cautious behavior of the market may be attributed to the looming Non-Farm Payrolls report. There are arguments for the employment rise, for instance, in form of strong ISM Non-Manufacturing Employment Component. However, there are also some leading indicators pointing to possible weakness of the report. We already know, the ADP reported worse than expected rise in payrolls, ISM Manufacturing Employment Component dropped to 58.1, and Jobless Claims 4-Week Moving Average rose to 302k. We may see another volatile day ahead!
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 105.13, with support below at 104.89, 104.51 and 104.26 with resistance above at 105.51, 105.76, and 106.14. Hourly Moving Averages are mixed, with the 200SMA bullish at 104.39 and the daily 20EMA bullish at 103.75. Hourly RSI is bullish at 53.
Another volatile day
Today the pair became even closer to 6-year highs, but the stronger than expected Non-Manufacturing ISM was not enough to convince the traders to buy more. Partially the cautious behavior of the market may be attributed to the looming Non-Farm Payrolls report. There are arguments for the employment rise, for instance, in form of strong ISM Non-Manufacturing Employment Component. However, there are also some leading indicators pointing to possible weakness of the report. We already know, the ADP reported worse than expected rise in payrolls, ISM Manufacturing Employment Component dropped to 58.1, and Jobless Claims 4-Week Moving Average rose to 302k. We may see another volatile day ahead!
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 105.13, with support below at 104.89, 104.51 and 104.26 with resistance above at 105.51, 105.76, and 106.14. Hourly Moving Averages are mixed, with the 200SMA bullish at 104.39 and the daily 20EMA bullish at 103.75. Hourly RSI is bullish at 53.