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USD/JPY licking its wounds at 108.80

FXStreet (Moscow) - USD/JPY managed to recover part of the losses suffered yesterday, currently trading around 108.80 area.

NFP to focus on

The massive sell-off of the pair we have seen during the last days may come to its culmination tonight, when US Non-Farm Payrolls are released. The expectations are quite high – the number of jobs should be above 200K, in order to help the pair to strengthen again. However, the recent reports cast doubt on positive outcome of the release, as Consumer sentiment index as well as ISM Manufacturing Employment component came out below expectations. If data disappoints, it may pressure the pair further down with initial target at 108.52 support followed by 107.91.

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 109.08 and the daily 20EMA bullish at 107.90. Hourly RSI is bullish at 53.

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