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USD/JPY back below 108.00; more downside in store?

FXStreet (Moscow) - USD/JPY opened at Y108.09 and climbed to Y108.25 high before dollar weakness resumed and pushed the pair below 108.00 towards 107.80

JPY buyers run the show

USD/JPY was highly volatile on Wednesday. The pair moved within 100-pips range and finished the day with marginal gains at 108.13, though the upside proved to be short-lived, as USD downside correction is gaining traction across the board. USD/JPY broke 108.00 support and triggered stops located below this level. From the technical point of view, the nearest support is seen at 107.74 (yesterday’s low), the bears need to crack this level to extend the downside towards area of strong demand at 107.50. Kuroda was out speaking today. The BOJ’s governor confirmed that Japan can hit 2% inflation target in FY15, which supported JPY across the board.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.20 with support below at 107.63, 107.18 and 106.62 with resistance above at 108.65, 109.21 and 109.66. Hourly Moving Averages are mixed, with the 200SMA bearish at 109.02 and the daily 20EMA flat at 108.13. Hourly RSI is bearish at 37.

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