USD/JPY plunged below 101.30 as bears are getting stronger

FXStreet (Moscow) - USD/JPY moved below the pivotal support of 101.30 as the European session got under way; current intraday low is set at 101.23

Slow or just gradual?

The pair is still trading around the long-term support level around 101.30 area. Absence of economic catalysts leave the USD/JPY confined to narrow ranges, as even the scheduled for this week the FOMC minutes hardly will change the notion growing around the market – the evidence of weaker than expected US recovery may calm down the aggressiveness of the FED. If the monetary officials sound less hawkish during the week ahead, we may see new lows, and new breakouts for the pair.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.40, with support below at 101.20, 100.89 and 100.69 with resistance above at 101.71, 101.91, and 102.22. Hourly Moving Averages are mixed, with the 200SMA at 101.78 and the daily 20EMA at 101.98. Hourly RSI is bullish at 55