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USD/JPY rebounded from monthly lows

FXStreet (Moscow) - USD/JPY posted monthly low at 107.05 during late Asian trades, before rebounding to current 107.45 area.

The pair bottomed around 107.00 area, and the main question is whether it is a stop, or a pause before another round of selling. The US economic calendar is light for the week ahead, thus, the pair may spend most of the time in narrow ranges. The market may focus its attention on FOMC members’ speeches, as any additional insight into sentiment within the Committee may help to correct the rate expectations. The downside may be protected by 107.00 support, while the initial target to the upside may be found at 107.81.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.25; now the support comes at 107.00 and 106.83 with resistance above at 107.45, 107.81, and 108.01. Hourly Moving Averages are mixed, with the 200SMA bearish at 108.62 and the daily 20EMA flat at 108.06. Hourly RSI is bearish at 35.

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