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USD/JPY hopelessly stuck below 108.00

FXStreet (Moscow) - USD/JPY  has died somewhere at 107.85 after a failed attempt to recover towards 108.00 resistance area. The pair touched the Asian high at 107.98 and retraced towards the opening level. The Asian range is limited by 107.98 on the upside and 107.76 on the downside.

Investors are clearly disappointed by JPY’s inability to move back above 108 against the USD. It seems that USD/JPY recovery from October 15 low at 105.19 has stalled and rangebound trading is on cards for the pair, at least until Wednesday’s FOMC meeting that may provide markets with clear USD direction. Japanese retail sales report was JPY-supportive as it came out better than expected, while BOJ's Kuroda stated that a delay in a hike in the consumption tax was a "remote possibility». His comments pushed regional stock indices lower and increased upside pressure on JPY. From the technical point of view, 108.00 is still the key. A daily close above this level is needed to confirm the upside. Otherwise, break below 107.55/50 would return 107.00 pivot in focus.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.93; initial support levels at 107.50, 107.17 and 106.74 with resistance above at 108.26, 108.69 and 109.02. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.09 and the daily 20EMA bullish at 107.55. Hourly RSI is bullish at 51.

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