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USD/JPY bulls lack motivation

FXStreet (Moscow) - USD/JPY  retraced from Asian high at 106.49 and settled at 106.18; the short-term bearish bias remains entrenched as long as the pair trades below 106.30

Obviously, USD/JPY sell-off towards Wednesday’s low at 105/19 was deeply overdone. That’s why the pair recovered to the area above 106.00 pivot. But the upside looks limited so far as diving oil prices and exodus from risky assets keep JPY in demand. Investors are concerned about the state of global economy and seek safety on low yielders. Technically, the pair needs to stay above 106.25/30 on daily basis to get a chance for an extended recovery. From the fundamental point of view, Fed’s Yellen might trigger a good deal of volatility during NY hours as investors has been sensitive to FED’s mood fluctuations lately.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 106.11; initial support levels at 105.73, 105.13 and 104.76 with resistance above at 106.71, 107.08 and 107.68. Hourly Moving Averages are bearish, with the 200SMA bearish at 107.42 and the daily 20EMA bearish at 107.54. Hourly RSI is bearish at 49.

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