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USD/JPY: 110.00 pivot held the initial test

FXStreet(Moscow) - USD/JPY spiked to a new multi-year high at 110.08, but failed to hold ground and slides towards its current level of 109.93 as the reported offers put a lid on further upside.

Up and shining

USD/JPY peeked above 110.00 level for the first time since 2008 as markets are positioning before the US job report published on Friday. It is expected to support USD across the board as the American economy seems to be the only one with stable recovery among the developed countries. Another reason behind the movement is JPY weakness on the back of corporate outflows and positive stock market development.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 109.57 with support below at 109.27, 108.89 and 108.60 with resistance above at 109.95, 110.24 and 110.62. Hourly Moving Averages are bullish, with the 200SMA bullish at 109.05 and the daily 20EMA bullish at 107.74. Hourly RSI is bullish at 70

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