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No surprises with USD/JPY – just another multi-year high

FXStreet (Moscow) - USD/JPY opened the day at 106.18, and kept drifting higher since that time; it refreshed 6-year high at 106.55 before retreating to 106.40 area.

How to attract bulls

The pair has shown an impressive rally recently. And although we already saw several the corrective retreats on the back of yen short covering, the potential to see new highs soon is still here, as the monetary policy gap between the BOJ and the Fed is broadening. The market understands it, and thus, every time the pair moves lower it may attract another herd of bulls wishing to enter the market at more attractive levels. The next target to the upside may lie at 106.76.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 106.21, with support below at 105.93, 105.65 and 105.37 with resistance above at 106.48, 106.76, and 107.04. Hourly Moving Averages are bullish, with the 200SMA at 105.00 and the daily 20EMA bullish at 104.28. Hourly RSI is bullish at 67.

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