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USD/JPY rushed back to 107 area – another test?

FXStreet (Moscow) - USD/JPY retreated to current 107.10, after it failed to break above 107.50 area of resistance.

The pair still cannot show a full-blown recovery pressured by two key factors – revised Fed rate expectations, and risk aversion due to fears about global slowing. The yen strengthens against the USD even when all other currencies weaken, and it may confirm the trend reversal. However, while 107.00 stays intact, the rebound back to 6-year highs is not ruled out.

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 108.10 and the daily 20EMA bearish at 107.86. Hourly RSI is bullish at 51.

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