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USD/JPY drifting lower, but still well above 107.00

FXStreet (Moscow) - USD/JPY touched current Asian high at 107.36, before retracing to current level of 107.20 amid quiet Asian hours

USD/JPY bulls are on the alert

USD/JPY was growing the whole week and gained more than 200 pips on the back of USD strength and growing BOJ and FED monetary policy divergence. From the long-term perspective, there are no signs of a turnaround. USD strength is likely to increase across the board on the back of rising US yields and monetary policy expectations. On the intraday basis, the pair may be influenced by technical factors. As long as it trades above 107.00 pivot the short-term bias is bullish. The upside may accelerate to 107.36 (current Asian high followed by strong offers at 107.40). If the support of 107.00 is broken, USD/JPY might retrace towards the area of medium demand at 106.70/65 amid profit-taking.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.24 with support below at 107.07, 106.80 and 106.24 with resistance above at 107.352 107.69, and 107.96. Hourly Moving Averages are bullish, with the 200SMA bullish at 105.94 and the daily 20EMA bullish at 104.77. Hourly RSI is bearish at 47.

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