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USD/JPY settled above 105.00 support

FXStreet (Moscow) - USD/JPY poked at 105.00 support and recovered towards the opening level of 105.06. The pair is very rangebound in Asia, poor Japanese GDP data has been ignored

Still aiming at 2014 highs

USD/JPY finished the week above psychologically important level of 105.00 The pair climbed as high as 105.70, but could not hold ground and retraced towards 105.08 as weaker than expected US Non-Farm Payroll numbers derailed USD rally. Japanese 2Q GDP numbers came out worse than expected and signaled that the economy is in dire state. JPY has weakened, but couldn’t break out from its narrow range limited by 105.22-104.99. The pivotal area 105.45/50 that includes 2014 high at 105.53 is still out of reach. Later during thee day USD/JPY movements are likely to be shaped by overall USD sentiments. Watch out for the signs of technical correction as USD is strongly overbought.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 105.16, with support below at 104.61, 104.15 and 103.57 with resistance above at 105.65, 106.20, and 106.69. Hourly Moving Averages are bullish, with the 200SMA bullish at 104.49 and the daily 20EMA bullish at 103.88. Hourly RSI is bearish at 46.

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