USD/JPY on recovery mode, but 102.30 is still be to broken

FXStreet (Moscow) - USD/JPY took off from 102.20 at the opening and climbed towards 102.30/34 the resistance zone; currently the pair is trading at 102.28 as bulls are desperate for new catalysts.

Slow but sure

USD/JPY is clawing ground above 102.00 pivot, but the process is painfully slow. The pair has managed to get to 102.29 and it is unlikely to conquer 102.30/34 resistance area strengthened by 200-day MA without good bullish stimulus. Japanese GDP report and Chinese new loans data - the key Asian events today - were mostly ignored by the markets as USD/JPY continued to oscillate within a depressingly narrow 10-pips range with light bullish bias. Later during the day keep an eye on geopolitical developments (as always) as they may change the risk environment and thus trigger JPY movements. On the data front, US retail sales is among possible market movers today. Anyway, USD/JPY bulls need a sustained break above 102.30/34 to hope for a move towards medium offers at 102.50/65. The intraday downside is likely to be limited by 102.00.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.24, with support below at 102.10, 101.95 and 101.81 with resistance above at 102.40, 102.54, and 102.69. Hourly Moving Averages are mixed, with the 200SMA bearish at 102.37 and the daily 20EMA flat at 102.10. Hourly RSI is bullish at 57.