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USD/JPY technically ready for correction

FXStreet (Moscow) - USD/JPY is trading within a couple of pips from the intraday low of 104.76, as investors are getting ready for a busy day.

Contradictory environment

USD/JPY has been rising steadily since bottoming out at 101.08 on July 18. The pair has made a good progress, but now further upside may be limited. From he technical point of view, failure to stay above psychologically important 105.00 level indicates that the bullish momentum is waning and the correction is due. From the fundamental point of view, investors are positioning head of Nom-Farm Payrolls published on Friday. In this context a lot will depend on today’s ADP employment numbers and Non-Manufacturing ISM in the USA as positive data may limit the technical correction and push USD higher across the board.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 104.95, with support below at 104.57, 104.36 and 103.98 with resistance above at 105.17, 105.55, and 105.76. Hourly Moving Averages are bullish, with the 200SMA bullish at 104.23 and the daily 20EMA bullish at 103.59. Hourly RSI is bearish at 41.

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