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USD/JPY broke above 108.00 on USD demand

FXStreet (Moscow) - USD/JPY broke above 108.00 handle, supported by USD strength in European pairs.

The pair got some fuel from Riksbank’s rate cut that pressured the European currencies, and helped the USD to recover part of its recent losses, and reach 108.05 by the moment. However, the breakout above 108.00 is not confirmed yet. Yesterday’s weaker than expected US data only strengthened the market doubts on American economy outlook. Unstable recovery coupled with slower global growth, and recent USD strength that offsets price pressure, may convince the FOMC members to stay in ultra-easy mode for a longer period. Rumors on the possibility of no rates hike in 2015 only add oil to the fire, and put USD under additional pressure, thus, a retreat back to the nearest support level is not ruled out.

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 107.14 and the daily 20EMA bullish at 107.55. Hourly RSI is bullish at 58.

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