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USD/JPY has fear of heights – back to 109.30

FXStreet (Moscow) - USD/JPY is retreating from overnight highs; the pair neared 109.30 area in early Europe.

Life after NFP

The pair managed to recover practically all the losses during Friday trades, when Non-Farm Payrolls release showed better than expected numbers. And although the pair currently retreated from recent highs, the market now has no doubts in strong recovery of the American economy, and cherishes the dreams of earlier tightening from the Fed. The investors are starting to price in the possibility of first rate hike in the first quarter of the next year. Lack of interesting reports from the USA today may harden the case for further strengthening of the pair, but still another attempt to go back above 110 area with initial target at 110.34 resistance is not ruled out.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 109.34 with support below at 108.76, 107.77 and 107.19 with resistance above at 110.34, 110.91 and 111.91. Hourly Moving Averages are bullish, with the 200SMA bullish at 109.16 and the daily 20EMA bullish at 108.08. Hourly RSI is bullish at 51.

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