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USD/JPY trying to rise from knees, above 108.20 again

FXStreet (Moscow) - USD/JPY has recovered towards 108.33 after having touched weekly low at 107.74 during early Asian hours.

FOMC may stop the correction

USD/JPY was a big loser on Tuesday. The pair extended Monday’s decline and attempted to break below technically important support level of 108.20. Bids clustered there gave way in Asia today and pushed the pair lower towards 107.74. Rhetoric from Japanese authorities has changed significantly in recent weeks. Top officers and monetary officials start complaining that weaker JPY that is becoming a concern for business. While may support JPY in the near term, fresh hints on looming policy shift in FOMC minutes are likely to get USD growing again. On the intraday basis the support comes at 108.00 and at 107.74. The upside may be limited by 108.65 and by strong offers on approach to 108.90

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.36 with support below at 107.48, 106.93 and 106.05 with resistance above at 108.91, 109.80 and 110.34. Hourly Moving Averages are bullish, with the 200SMA bearish at 109.11 and the daily 20EMA flat at 108.13. Hourly RSI is bearish at 46.

EUR/JPY dips below 138.00; more losses in store

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