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USD/JPY eager to get back below 108.00 pivot

FXStreet (Moscow) - USD/JPY consolidates around 108.00 pivot after having traded in the range limited by 108.23 on the upside and 107.85 on the downside; the bearish pressure is getting stronger as USD is weakening across the board

USD/JPY bulls find 108.30/35 resistance area and retraced back towards 108.00. USD has been weaker across the board early in Asia as investors are buying JPY despite rather positive regional stock markets developments. The movement is seen as technical adjustments ahead of European session. Japanese macroeconomic calendar is empty today, so the traders will be focused on European reaction to ECB’s stress-tests results and US house market data. Pending home sales report published during NY hours is expected to show some improvement in September after a fall in August. The news might support USD across the board. From the technical point of view, USD/JPY needs a sustained break above 108.30 to extend the upside towards 108.50. Strong offers located there might cap the intraday upside. The nearest support comes at 107.90.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.09; initial support levels at 107.85, 107.53 and 107.29 with resistance above at 108.40, 108.64 and 108.96. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.00 and the daily 20EMA bullish at 107.52. Hourly RSI is bearish at 48.

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