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USD/JPY left 106.00 below, now only sky is the limit

FXStreet (Moscow) - USD/JPY continued growing and hit 106.29, the highest level since october 2008; currently the pair is trading at 106.26, the bullish momentum remains strong.

BOJ must be happy

USD/JPY spiked above 106.00 (Monday’s high is set at 106.08)for the first time since October 3, 2008 on the back of strong USD demand across the board. The pair closed above the pivotal resistance area of 105.45/55 on daily basis, but resumed the upside on Tuesday morning, which added definite bullish colors to its technical picture. Geopolitical situations eased and thus helped to reduce the demand for safe-heaven JPY. From the fundamental point of view we have a couple interesting reports today, namely, Japanese Consumer Sentiments Index and US small business optimism index, but they do not have a market moving potential. The fate of the pair depends on general USD strength and positive risk sentiments. As long as these factors a valid, USD/JPY could continue growing. Now the initial bullish aim is seen at 106.35 and followed by 106.50. The support is seen at current Asian low of 105.95.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 105.69, with support below at 105.28, 104.52 and 104.11 with resistance above at 106.45, 106.86, and 107.62. Hourly Moving Averages are bullish, with the 200SMA bullish at 104.67 and the daily 20EMA bullish at 104.08. Hourly RSI is bullish at 78.

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