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USD/JPY retracing from highs. still above 109.00

FXStreet (Moscow) - USD/JPY retraced from new multi-year high at 109.46, touched early in Asia; The pair is trading at 109.06, 50 pips higher on the day.

Where is the next bulls’ stop?

USD/JPY hit new multi-year high at 109.46 on Friday amid growing divergence in monetary policy of BoJ and FED monetary policy. The head of Bank of Japan is obviously happy with weaker JPY as he confirmed that sliding JPY is not harmful for Japanese economy. Ahead looks like a quiet calendar both in Europe and in USA. It means that USD/JPY might be driven by technical and speculative factors ahead of the weekend. The first results of Scottish referendum have started coming out, which may cause a period of volatility across the market. From the technical point of view, medium offers at 109.50 is likely to cap the upside,while 108.63 (Asian low) might provide a good support for the pair. Though once it is broken, the downside might extend towards 108.39.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.66 with support below at 108.34, 107.99 and 107.68 with resistance above at 109.32 and 109.67. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.22 and the daily 20EMA bullish at 105.97. Hourly RSI is bullish at 70

EUR/CHF stalled at 1.2067, disappointed by SNB

EUR/CHF is unchanged on the day at 1.2067; the cross is sitting in a tight 10-pip range limited by 1.2072 on the upside and 1.2062 on the downside.
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