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USD/JPY ready for long-term uptrend

FXStreet (Moscow) - USD/JPY hit 107.38 high in late Asia, before rebounding to current 107.20 area.

The pair managed to recover last Friday, helped with better than expected US data. Today in continued the move, getting some fuel from the yenweakness, triggered by the news about GPIF allocation. These moves only confirm the possible reversal of downtrend seen during the first weeks of October. And if so, the pair may continue the move higher with initial target at 107.49 resistance followed by 108.02. However, stronger than expected US readings needed in order to see a full-blown USD rally again.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.20; initial support levels at 106.37, 105.84 and 105.54 with resistance above at 107.49 and 108.02. Hourly Moving Averages are bullish, with the 200SMA at 107.22 and the daily 20EMA bearish at 107.49. Hourly RSI is bullish at 70.

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