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USD/JPY trading above 107.00

FXStreet (Moscow) - USD/JPY opened at 107.09, reached 107.38 in late Asia, before rebounding to current 107.20 area.

Consumers need to spend

The pair was not able to settle above 107.00 yesterday, but today it has plenty of time and one possible reason in form of stronger than expected US Retail Sales. Although the recent Non-Farm Payrolls outcome disappointed the market, all in all, the American labor market is doing pretty well, meaning there are more incentives for the US consumers to keep on spending with good pace. Besides, the recent Redbook and ICSC reports showed some demand improvement. If today’s data follows the move, we may see another surge higher with initial target at 107.33 resistance.

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 at 105.73 and the daily 20EMA bullish at 104.77. Hourly RSI is bullish at 58.

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