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USD/JPY is getting closer to 108.00

FXStreet (Moscow) - USD/JPY is retreating from overnight highs around 109.22; the pair is trading at 108.46 in early Europe.

If the rally is exhausted

As soon as the pair reached multi-year highs around 110, the way up became too complicated. The pair actually shows the second failure in a row to settle above the mentioned resistance. Whether the upward momentum is exhausted may depend on the US data releases, and the stance of the FOMC members. In light of this, the scheduled for release this week FOMC minutes are of key importance, and may either support, or kill the pair rally. For now the next target to the downside may be found at 108.33 support.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 109.10 with support below at 108.33, followed by 107.88 and 107.11 with resistance above at 109.55, followed by 110.31 and 110.77. Hourly Moving Averages are bearish, with the 200SMA at 109.20 and the daily 20EMA bullish at 108.15. Hourly RSI is bearish at 33.

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