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USD/JPY - how to get above 107.00?

FXStreet (Moscow) - USD/JPY made some attempts to settle above 107.00 in early Asia, but failed, and retreated to current 106.90 area.

The pair lacked fuel to go above 107.50 during the last days, and it’s still teetering on the brink of 107.00. However, scheduled for release US CPI may become the needed catalyst. Since the last FOMC meeting, the market started to doubt the monetary authorities are ready to hike the rates earlier than expected. Now every single report out of the USA is closely scrutinized, and if the looming release shows higher than expected price pressure, it may rise the expectations of earlier rate hike, and help the pair to break above the mentioned resistance.

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 106.91 and the daily 20EMA bearish at 107.39. Hourly RSI is bullish at 55.

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