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USD/JPY retreats from session highs, settling around 107.25

FXStreet (Moscow) - USD/JPY opened at 107.19, made an attempt to rise reaching 107.35 session high in Asia, before retreating to current 107.25 area.

It’s all about FOMC

The week ahead promises to be very exciting, given the number of events scheduled for release. Although Japanese data may play second fiddle in this environment, we still may see some impressive moves. The FOMC meeting may become the key catalyst for USD/JPY, as the market will focus not only on the final stage of the QE tapering, but also on the timeline for raising rates, and current outlook for the US economy. If Yellen tries to downplay the positive developments in the American economy, we may see a sharp retreat of the pair with initial target at 106.24 support level.

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 largely bullish, with the 200SMA bullish at 105.96 and the daily 20EMA bullish at 104.77. Hourly RSI is bullish at 54.

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