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USD/JPY - another milestone above 109.50 is left behind

FXStreet (Moscow) - USD/JPY posted more than 6-year high at 109.74 in Asia before retreating to 109.60 area in early Europe.

Closer to target?

Nikkei closed up +0.5% at 16,310.64, supporting the rise of the pair. Tonight USD/JPY may get additional reason to move, as the US PCE deflator is scheduled for release. This is one of the favorite Fed’s measures of inflation, and if the indicator comes out above expectations, and gets nearer to 2% target, the market will have another argument to buy the USD. Thus, the possibility to see new multi-year record is quite high, with 110.18 resistance as the initial target.

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 108.68 and the daily 20EMA bullish at 107.33. Hourly RSI is bullish at 66.

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