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USD/JPY may refresh 2-week highs

FXStreet (Moscow) - USD/JPY made several attempts to break below 108.00, but failed and rebounded to current 108.20.

The pair still gets its fuel from broad-based market demand on the riskier assets. The yesterday’s US reports were not that bad, but not fantastic either. However, the pair managed to break above two strong barriers – 107.50 and 108.00, and may go even higher. US New Home Sales data is scheduled for release today, and may attract market attention. Better than expected data are likely to fuel the rise higher with initial target at 108.73 resistance. For now, 108.40/50 area may become an interim barrier, as large sellers interest coupled with stops above is noted.

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 106.91 and the daily 20EMA flat at 107.45. Hourly RSI is bullish at 69.

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