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USD/JPY back above 108.00

FXStreet (Moscow) - USD/JPY rebounded from Asian low at 107,64, reaching 108,08 area in early Europe.

New comment on low rates

Although the released yesterday US data came out above expectations proving the American economy is on stable path of recovery, the pair is in no hurry to reverse the move still trading around 108.00 area. Besides, the Labor data lost in its significance after recent comments from Kocherlakota who said that strong data didn’t require any change of the FOMC stance. In view of this, the scheduled for today Plosser’s speech may attract special attention of the market, and trigger some additional volatility. New comments on the extended period of low rates may help to stride below 107.47 support level.

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 108.81 and the daily 20EMA flat at 108.10. Hourly RSI is bullish at 50.

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