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USD/JPY crashes below 106.50, more downside in store

FXStreet (Moscow) - USD/JPY  crashed to the Asian low at 106.32 after having started the day at 106.95; Asian stock market decline support JPY rally across the board

USD/JPY Monday attempts to settle above 107.00 are ruined. The pair resumed the downside yesterday during European hours and continued sliding down today in Asia.The Japanese currency is getting stronger across the board as investors are worried about sluggish global economy growth that may influence the timing of the first Fed Fund rate increase. USD weakening against Aussie added the downside pressure on US dollar against JPY. Technical breakthrough below 106.50 support triggered stops and pushed the pair lower towards the next bearish aim at 106.30. Once it is broken, the downside may be extended to 106.00. Strong bids on approach to this pivot are likely to stop the bears for the time being.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.04; initial support levels at 106.68, 106.41 and 106.04 with resistance above at 107.31, 107.68 and 107.95. Hourly Moving Averages are bearish, with the 200SMA bearish at 107.06 and the daily 20EMA bearish at 107.43. Hourly RSI is bearish at 26.

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