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USD/JPY frozen at 102.30; what will melt the ice?

FXStreet (Moscow) - USD/JPY has recovered after a dip to the Asian low at 102.24 and settled close to the opening level at 102.30; the trading is slow ahead of European opening.

Geopolitics is at play again

USD/JPY's weekly chart is better avoided by people with fear of cramped spaces as it depicts a depressingly narrow range with no sighs of escape. The pair failed to settle above 102.50 pivot despite numerous attempts, which signals that the bullish momentum is not that strong. Though, geopolitical factors that caused investors to seek safety in JPY and pushed the pair to the Friday’s low of 102.13, might do the opposite on Monday as concerns about Russian humanitarian convoy crossing the Russian-Ukrainian border seems to have eased. As there are no market moving economic publications scheduled for today, USD/JPY is likely to be influence by technical and speculative factors. The bulls might try to have a revenge and push the pair back towards 102.50 resistance where the upside dynamic might be stopped by fresh offers and a host of stops. The nearest support is seen ad 102.30 and followed by 102.13 (Friday’s low).

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.41, with support below at 101.81, 101.49 and 101.92 with resistance above at 102.68, 103.00, and 103.27. Hourly Moving Averages are mixed, with the 200SMA bearish at 102.47 and the daily 20EMA flat at 102.18. Hourly RSI is bearish at 39.

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