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USD/JPY extends the decline; 107.00 within reach

FXStreet (Moscow) - USD/JPY  extended early losses to a low of 107.10 after starting the day at 107.45 with a gap lower.

Both Japanese and US markets are closed for public holidays. It means that liquidity is lower, while volatility is higher. As a result, JPY jumped to a four-week high against USD on the back of risk-aversive sentiments caused by decline on Asian stock markets. It seems that USD/JPY has topped out at 110.08 as it ended the series of five bullish weeks and lost about 200 pips during previous week. The downside is deemed as a correction against longer-term uptrend. On the intraday basis the bears need to get below an area of strong demand and stops consolidated around 107.00 support. Once this level is clearly broken, 106.85 will come into view. On the upside the nearest resistance comes at 107.45

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.81; initial support levels at 107.42, 107.26 are already broken; now the support comes at 107.00 and 106.90 with resistance above at 108.01, 108.37 and 108.57. Hourly Moving Averages are mixed, with the 200SMA bearish at 108.65 and the daily 20EMA flat at 108.06. Hourly RSI is bearish at 29.

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