USD/JPY bulls have the upper hand

FXStreet (Moscow) - USD/JPY is climbing higher after opening at 102.13; currently the pair is trading at 102.27

Up, to the North

USD/JPY managed to get above the pivotal resistance of 102.00 on Monday and continued its upside quest early on Tuesday as JPY is weakening across the board on the back of positive Nikkei 225 dynamics. Geopolitical risks remain elevated, but the markets seem to have lost interest in this long-lasting Ukrainian conflict. Now that the pair is firmly above 102.00, bulls have a good chance to drive it to the upper side of its recent range at 102.50. Though US retail sales numbers will play an important role in USD/JPY fortune today as stronger than expected numbers will help the pair to crack the resistance and dash to the next aim at 102.80. The setbacks will be limited by 102.00.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.07, with support below at 101.88, 101.63 and 101.47 with resistance above at 102.29, 102.45, and 102.69. Hourly Moving Averages are bullish, with the 200SMA at 101.97 and the daily 20EMA at 102.16. Hourly RSI is bullish at 74