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USD/JPY shows another attempt to reach recent highs

FXStreet (Moscow) - USD/JPY opened at 107.11, and gradually moved up, currently reaching 107.30 high.

FOMC meeting ahead

It’s going to be a volatile day, as the scheduled for tonight FOMC meeting announcement may determine the direction of the pair for the nearest weeks. Since the shades of Yellen comments, and the statement text are hard to forecast, the initial reaction may be mixed with a possibility of sharp moves in both directions. The market expects there would be no clear comments on the term of the first rate hike, and this is the key reason the USD stopped refreshing new highs recently. If investors are wrong, the sharp rally targeting 109.00 area may be seen.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.09 with support below at 106.85, 106.55 and 106.29 with resistance above at 107.38 107.64, and 107.93. Hourly Moving Averages are bullish, with the 200SMA bullish at 106.49 and the daily 20EMA bullish at 105.41. Hourly RSI is bullish at 56.

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