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USD/JPY shows shy attempts of rebound after Asian sell-off

FXStreet (Moscow) - USD/JPY bounced back from 108.50 area reached on aggressive comments from Japanese PM. Currently it is trading at 108.50.

Another housing report

The pair got pressured by recent Abe’s comments on impact of weak yen for the regional economies. Trading below 109.00 area may be a sign the market is tired of USD popularity and overwhelmed with USD longs. Recent disappointments from Existing Home Sales could be one of the catalysts of recent correction, and if tonight’s New Home Sales come out below expectations, another round of sell-off is not ruled out. The initial target to the downside for the pair may be found at 108.42 support.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.78 with support below at 108.42, 107.96 and 107.66 with resistance above at 109.19, 109.48 and 109.95. Hourly Moving Averages are largely bearish, with the 200SMA bullish at 108.04 and the daily 20EMA bullish at 106.73. Hourly RSI is bearish at 46

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