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USD/JPY targets new 3-week lows

FXStreet (Moscow) - USD/JPY opened the day at 108.07, and never stopped falling ever since; it is trading at 107.64 currently.

Doubts about USD

The pair got green light to go on falling after FOMC minutes confirmed the Fed is in no rush to hike rates. The market started to question the USD dominance even before the yesterday’s release, and although the text didn’t bring anything new, the comments on the “prolonged period of low rates” was enough to send the pair back below 108.00 area. Now the next target to the downside may be found at 107.18 once 107.63 is broken.

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 109.00 and the daily 20EMA flat at 108.13. Hourly RSI is bearish at 33.

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