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USD/JPY one step closer to break below 108.00

FXStreet (Moscow) - USD/JPY came closer to 108.00 handle in early Asia; currently, it’s trading at 108.02.

The pair is getting nervous with every coming hour, as the market is expecting less aggressive stance from the FOMC tonight. The released yesterday weaker-than-expected US data only confirmed the unstable recovery of the US economy, and strengthened the case for neutral position of the Fed. The monetary authorities will most probably announce the end of the QE program, but given the weakness of Europe and Asia, it may prefer not to rush with the first rate hike. For the pair it may mean more downside potential with initial target at 107.83 support, followed by 107.51.

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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