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USD/JPY aims at new multi-year highs; 107.30 under assault

FXStreet (Moscow) - USD/JPY is poking at the bespoke resistance level of 107.30; the pair has reached current Asian high at 107.33 amid strong USD bullish momentum.

USD bulls make friends with JPY bears

USD/JPY is aiming at new multi-year highs ash it seems that there is hardly anything that can stop it. The markets shrugged off geopolitical risks and went on dumping JPY in anticipation of deeper divergence between BOJ and FED monetary policy. The head of the Japanese central Haruhiko Juroda is expected to speak today. The markets will hang on his every word to find fresh evidence that the central bank is scheming additional stimulus. Let us remember that it was Kuroda, who send JPY to new lows on Wednesday, saying that the central bank won’t hesitate to act if it risks missing its inflation target. From the technical point of view, once 107.30 is clearly broken, the inside might extend towards 107.50. This level has can stop the bulls for the time being as it is protected by strong offers on approach and option barrier.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 106.99, with support below at 106.76, 106.42 and 106.19 with resistance above at 107.33, 107.56, and 107.90. Hourly Moving Averages are bullish, with the 200SMA bullish at 105.65 and the daily 20EMA bullish at 104.77. Hourly RSI is bullish at 68.

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