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USD/JPY trapped in a range with bearish bias

FXStreet (Moscow) - USD/JPY  trades at 107.79, marginally below the opening level at 107.82 during quiet Asian hours

JPY is rangebound ahead of the end of the week

USD/JPY dipped to new lows at 107.52 on Thursday. The movement was caused mainly by USD downside correction across the board following unexpectedly dovish FOMC minutes, though stronger anti-risk sentiments played their role as well. Regional stock markets has been moving South today, which increased the upside pressure on the Japanese currency that is negatively correlated with the stock market developments. BOJ meeting minutes went unnoticed as they were stale news. Deputy managing director of the IMF Shinohara welcomed JPY weakening, saying that this is a natural FX process, but investors are in no hurry to sell Yen so far. From the technical point of view, keep an eye at 107.50 support as strong demand on approach to this level may limit the downside today. The resistance is seen at 108.00

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.90 with support below at 107.47, 107.09 and 106.66 with resistance above at 108.27, 108.70 and 109.08. Hourly Moving Averages are mixed, with the 200SMA bearish at 108.83 and the daily 20EMA flat at 108.10. Hourly RSI is bearish at 45.

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