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USD/JPY posted 2-week high above 107.60

FXStreet (Moscow) - USD/JPY has spent very quiet Asian session, but Europe brought some life to the pair, sending it to current 2-week high at 107.63.

The pair got some support from the American data released yesterday, as inflation pressure is gradually rising in the USA, supporting the case for earlier rate hike from the Fed. However, the key resistance at 107.50 is not broken yet, although the pair is testing it currently. The riskier sentiment seen in the market recently may be the key driver of the moves. As for fundamentals, scheduled for release today series of American reports are mostly second-tier. Nevertheless, the overall positive trend may help the pair to confirm the breakout and move further to 108.03.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.10; initial support levels at 106.82, 106.50 and 106.21 with resistance above at 107.42, 107.71 and 108.03. Hourly Moving Averages are mixed, with the 200SMA bullish at 106.83 and the daily 20EMA flat at 107.36. Hourly RSI is bullish at 62.

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