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USD/JPY ignores Kuroda’s conference, still under 105

FXStreet (Moscow) - USD/JPY made some feeble attempts to capture 105.00 again in Asia and in early Europe, but failed, and retreated to its current levels at 104.90.

Cautious investors convinced

Kuroda’s press conference has not brought any surprises, and the market preferred to ignore it. Although the yen came back below 105.00 area, it could be just a technical correction after the pair reached nearly 6-year highs. The stronger US readings, and weaker Japanese ones convinced even cautious investors the pair may have shifted to long-term uptrend. Although the market is focused on the ECB meeting today, the yen will most probably ignore this event, and pay more attention to US Non-Manufacturing ISM data. Stronger than expected index may resume the rise of the pair with initial target at 105.17 resistance.

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 at 104.25 and the daily 20EMA bullish at 103.59. Hourly RSI is bullish at 55.

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