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USD/JPY aims at 109.00 resistance

FXStreet (Moscow) - USD/JPY has recovered from early lows at 108.35, but the upside has stalled marginally below 109.00 (current intraday high is set at 108.95)

One way street ended

USD/JPY lost more than 100 pips in just two days and for a short period of time dipped below the key support level at 108.20 towards 108.00. The downside is regarded as a healthy correction after a strong upside movement. It signals that the bulls are exhausted and the pair might spend some time in a range. Now the Non-Farm Payrolls report is looming large and affecting the currency trends. USD position adjustment has taken USD/JPY to 108.77, but the upside seems to be limited so far. Later during European hours keep an eye at 109.00 resistance with medium offers on approach. Once it is broken, the upside might be extended towards 109.20. A failure here would trigger the fall to 108.35

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.52 with support below at 107.91, 107.39 and 106.78 with resistance above at 109.03, 109.64 and 110.16. Hourly Moving Averages are mixed, with the 200SMA bearish at 109.07 and the daily 20EMA bullish at 107.90. Hourly RSI is bullish at 53

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