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USD/JPY attacking 109.00 resistance, but without success

FXStreet (Moscow) - USD/JPY is struggling to settle above 109.00, but hasn’t succeeded so far.

Another test for USD

Released this morning Japanese CPI data showed mixed picture, still leaving the market fearing the inflation is slowing following the growth numbers in Japan. However, the pair practically ignored the data posting 108.47 low post data, before retreating back above 109.00. Today the pair will have another significant test in form of the US Q2 GDP data. Although the release is actually a lagging indicator, the understanding the US economy did well in the second quarter may be enough to trigger another wave of interest to the USD, and may help the pair to refresh the multi-year highs above 109.50 area.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.89 with support below at 108.38, 108.01 and 107.51 with resistance above at 109.26, 109.76 and 110.13. Hourly Moving Averages are bullish, with the 200SMA bullish at 108.46 and the daily 20EMA bullish at 107.13. Hourly RSI is bullish at 58.

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