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USD/JPY frozen above 108.00 ahead of FOMC

FXStreet (Moscow) - USD/JPY  is trading marginally above its Asian opening level at 108.12 after having moved within a narrow range limited by 108.23 on the upside and 108.07 on the downside.

USD/JPY gained ground on Tuesday despite USD weakness agains most majors. The American currency held well against JPY due to better risk sentiments caused by positive US corporate earnings reports and, bullish stock markets momentum. Speculations that the Bank of Japan is going to revise down its economic forecasts on Friday added to JPY’s woes. USD/JPY closed above 108.00 on daily basis, which improved its short-term technical picture. The nearest resistance comes at 108.40 with strong offers on approach. The support comes at 108.00.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.02; initial support levels at 107.83, 107.51 and 107.32 with resistance above at 108.234, 108.53 and 108.85. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.34 and the daily 20EMA bullish at 107.60. Hourly RSI is bullish at 55.

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