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USD/JPY is dancing around 107.00

FXStreet (Moscow) - USD/JPY  moved to the Asian low at 106.82 after having started the day at 107.00; the pair is consolidating with bearish bias.

USD/JPY stalled at 107.00 pivot. The pair dipped towards 106.24 early on Tuesday on the back of weakening stock market and USD sell-off against Aussie, but the downside proved to be unsustainable. Yesterday movements resulted in dragonfly doji on daily chart. It sends a signal about a period of rangebound trading close to the above mentioned pivot. Japanese trade data released earlier showed that Japan's exports rose 6.9 percent in September. The news supported the Japanese stock market, but failed to impress currency traders. Later during the day don’t miss US CPI numbers as traders are likely to focus on them before FOMC monetary policy meeting next week. On the intraday basis, USD/JPY continues to trade within a channel limited by 107.10/20 on the upside and 106.80 on the downside until proved otherwise.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 106.76; initial support levels at 106.48, 105.97 and 105.69 with resistance above at 107.28, 107.56 and 108.07. Hourly Moving Averages are mixed, with the 200SMA bullish at 107.92 and the daily 20EMA bearish at 107.39. Hourly RSI is bullish at 58.

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