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USD/JPY back above 107.00, stalled at 107.20

FXStreet (Moscow) - USD/JPY  recovered back above 107.00 pivot after having started the day at 106.80. The upside has stalled around 107.20 so far.

USD/JPY finished Monday below 107.00 pivot for the first time since early September. JPY has regained its safe-heaven status. The currency is getting stronger across the board amid growing concerns about global economy. Geopolitical issues in Middle East and in Ukraine force investors to get the risky assets off their hands. On top of that Japanese officials are starting to voice concerns about JPY weakness. They point out that Japanese economy and corporations do not benefit from lower JPY exchange rate. While these are perfect conditions for stronger JPY, currently we are witnessing the short-term correction from the oversold levels with the initial resistance at 107.20.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.07; initial support levels at 106.52, 106.23 and 105.69 with resistance above at 107.38, 107.92 and 108.22. Hourly Moving Averages are mixed, with the 200SMA bearish at 108.35 and the daily 20EMA bearish at 107.95. Hourly RSI is bearish at 48.

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