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USD/JPY tries to recover before the US releases

FXStreet (Moscow) - USD/JPY rebounded from Asian lows around 106.10, and moved higher currently reaching 106.50 area.

The yesterday’s splash of interest for riskier assets didn’t have any significant impact on the pair, as both currencies represent “safe haven” asset class. However, positive US data that triggered the risk-on moves haven’t helped the USD either. This may be a sign the market is still not ready to love the American currency again, and we can test our theory tonight, when US Housing data and Consumer Confidence are released. If positive data fails to support USD, it may mean the pair will take the first opportunity to resume the slide.

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 107.39 and the daily 20EMA bearish at 107.54. Hourly RSI is bullish at 60.

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