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USD/JPY came back home below 110

FXStreet (Moscow) - USD/JPY retreated from new 6-year high at 110.08 posted in Asia; currently, it is trading at 109.85.

New test from the US

The USD dominance is unquestionable – the yesterday’s disappointing Consumer Sentiment Index was completely ignored by the market, confirming the investors still believe in US economy strength. Stronger than expected Japanese Tankan data was not enough to help the yen either. However, it may be interesting to see the market reaction to the US ISM Manufacturing report scheduled for tonight. Weaker than expected results may trigger a corrective retreat of the pair. In this case the initial target may be found at 109.27.

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 at 109.08 and the daily 20EMA bullish at 107.74. Hourly RSI is bullish at 59.

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