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USD/JPY is RSI and R2 offer target 107.55

FXStreet (Barcelona) - USD/JPY is trading at 107.24, up 0.23% on the day, having posted a daily high at 107.39 and low at 106.79.

The Japanese trade deficit printed greater than expected, while both the exports and imports surprised on the strong side. However, as per usual, there were little consequences to the pair as a result overnight and we remain with the theme of a stronger dollar today as a result of domestic events in the US. CPI was printing higher earlier today than what had been forecasted by 0.1%. The pair has rallied on the 107 handle, a move that had been long coming in the eyes of the bulls having persevered this week at the handle. The rally falls short of R2 at 107.55 with RSI 14 offering further room should the consolidation ease off with a drift containing a bullish bias opening up R3 and the 108 handle to the upside.

USD/JPY noteworthy levels

Current price is 107.24, with resistance ahead at 107.28 (Daily Classic R1), 107.39 (Daily High), 107.39 (Daily 20 SMA), 107.56 (Daily Classic R2), 107.94 (Weekly Classic R1) and 108.07 (R3). Next support to the downside can be found at 107.04 (Yesterday's High), 107.02 (Hourly 20 EMA), 107.00 (Weekly High), 107.00 (Daily Open) and 106.88 (Hourly 200 SMA).

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