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USD/JPY plays with 102.40 trying to settle above

FXStreet (Moscow) - USD/JPY is trying to position above 102.30 reaching 102.41 daily high by the moment.

Flight for quality

The pair stuck around 102.30/40 on the practically empty economic calendar. However, the fact that the pair is still above 102.00 is a good sign. Besides, the US economy strength raises much less doubts than the EMU, or Japanese economy stance for the moment. It means that every strong American economic report may trigger flight for quality with another wave of demand on the USD. Today’s US Retail Sales report may be the one that fuel the rise of the pair, provided we see better than expected numbers. The initial target to the upside may lie at 102.54 followed by 102.69.

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 101.80 with resistance above at 102.54, and 102.69. Hourly RSI is bullish at 63, while hourly Moving Averages are mostly bullish, with the 200SMA flat at 102.36 and the daily 20EMA flat at 102.10.

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