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USD/JPY recovered from Asian lows at 108.55, but still under pressure

FXStreet(Moscow) - USD/JPY started the day at 108.88 and dipped to Asian low at 108.55 before recovering towards 108.70

It’s not about time yet!

USD/JPY let the bulls down. The pair teased them with an early move above 110.00 only to drop towards 109.30 by the end of the day. The downside was caused by a mixture of technical and speculative factors intensified by disappointing US ISM numbers. Traders hurried to take profit on long USD/JPY positions as the pair is overbough and ripe for correction, but from the longer term perspective, the bullish sentiments remain entrenched as long as the pair trades above 108.50/20 area. US Weekly Jobless Claims, the final piece of puzzle before the NFP report published on Friday, might cause another period of volatility. Keep an eye at 108.50 on the downside, once this support is broken, the pair may weaken towards 108.00/20. The upside might be capped by 109.00.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 109.29 with support below at 108.48, 108.06 and 107.25 with resistance above at 109.27, 110.53 and 110.95. Hourly Moving Averages are mixed, with the 200SMA bearish at 109.49 and the daily 20EMA bullish at 107.85. Hourly RSI is bearish at 38

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