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USD/JPY drifts lower on mild US disappointments

FXStreet (Moscow) - USD/JPY opened the day at 108.83, and drifted lower throughout the Asian session on mild USD weakness; it is currently trading at 108.45.

Scrutinizing the US reports

The pair is trading just below 109.00 area, but it was not able to come back to recent highs, as US yesterday’s housing data came out below expectations casting shadow over the American economic picture. One report is not a trend, but now the market will pay even more attention to the coming releases, and additional signs of weakness in some sectors of the US economy may stop the pair rally for the time being. Tonight Manufacturing data is in focus coupled with Fed’s member speech.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.90 with support below at 108.60, 108.36 and 108.05 with resistance above at 109.14, 109.45 and 109.69. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.82 and the daily 20EMA bullish at 106.51. Hourly RSI is bearish at 31.

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