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USD/JPY desperate to get back below 108.00 pivot

FXStreet (Moscow) - USD/JPY  is trying to break below 108.00. The pair recovered from the Asian low at 107.85, but the bearish momentum is still strong as markets feel risk-aversive following the news about Ebola case registered in NY

USD/JPY enjoyed strong growth on Friday as a sustained rally on Wall Street reduced demand for safe-heaven Yen, while rumors about more easing form Bank of Japan put additional pressure on the Japanese currency. As a result, USD/JPY gained more than 100 pips on the day and closed above 108.00. There is an interesting picture on 4-hour chart with doji followed by a big bearish candle that may suggest that the pair has formed a short-term top at 108.35 (yesterday’s high). Though we need a sustained movement below 108.00 to confirm this view. While above here, the pair has a chance to continue the rebound. From the fundamental point of view, there is little to chew on today, while risk aversive sentiments might get traction later during the day on NY Ebola case.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.91; initial support levels at 107.45, 106.64 and 106.16 with resistance above at 108.73, 109.19 and 110.00. Hourly Moving Averages are mixed, with the 200SMA bullish at 106.89 and the daily 20EMA flat at 107.45. Hourly RSI is bullish at 61.

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