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USD/JPY trying to get above 109.50

FXStreet (Moscow) - In Asia USD/JPY is oscillating within a narrow range limited by 109.55 on the upside and 109.26 on the downside with light bullish bias.

Stalled in mid-109.00

The hang in man pattern on a weekly chart should serve as a warning signal to USD/JPY bulls as this candlestick model suggests that longer-term demand is waning. Though the daily chart offers no confirmation so far, so we just need to be cautious. From the fundamental point of view, JPY is under pressure due to volcano erupted in central Japan. On the other hand, fiscal half year end for Japanese companies might trigger JPY buying on the back of profit repatriation ahead of the month end. Later during the day keep an eye at 109.50 resistance level followed by large stops at 109.80. On the downside the support is seen at Asian low of 109.26 and 109.00.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 109.10 with support below at 108.66, 108.03 and 107.58 with resistance above at 109.73, 110.18 and 110.81. Hourly Moving Averages are bullish, with the 200SMA bullish at 108.64 and the daily 20EMA bullish at 107.33. Hourly RSI is bullish at 61

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