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USD/JPY bulls set eyes at Asian high at 107.40

FXStreet (Moscow) - USD/JPY  is trading at 107.27, above the Asian open in level at 107.05, and off the intraday high reached at 107.40 earlier during Tokyo hours.

USD/JPY staged a mild recovery on Tuesday. The pair finished the day marginally above 107.00 level with about 25 pips gain on the day. The movement was induced by technical factors (recovery from oversold territory) coupled with USD strength across the board. From the fundamental point of view nothing has changed, which means that JPY might resume the upside on the back of investors’ rush to safety. Japanese industrial production numbers came out at -3.3% in August from -0.7% in July, which pushed USD/JPY slightly higher. Later during the day keep an eye at 107.00 support level enhanced by option barrier. Once it is broken, the downside might extend towards 106.68/50. The upside is limited by 107.40/50 (Asian high, offers on approach).

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.01; initial support levels at 106.71, 106.36 and 106.06 with resistance above at 107.36, 107.66 and 108.01. Hourly Moving Averages are mixed, with the 200SMA bearish at 108.11 and the daily 20EMA bearish at 107.86. Hourly RSI is bullish at 55.

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