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USD/JPY above 109.00, ready for trip to the North

FXStreet (Moscow) - USD/JPY  is trying to settle above 109.00 pivot. The pair started the Asian session at 108.83 and touched the current Asian high at 109.11 before retreating to 109.02.

USD/JPY spiked to the highest level since October 7 after FOMC chose to be more upbeat about US economy than it was expected. The American policy-makers promised to keep the key Fed Funds Rate low for a “considerable time”, but wound up their bond-buying program. This story might support USD across the board, at lest until third-quarter U.S. gross domestic product, published later today, during NY hours. Analysts expect a downside revision of the preliminary figures, though numbers in line or better than forecasted may trigger a new wave of USD buying. From the technical point of view, keep an eye at 109.50 level with medium offers on approach. The support is seen at 108.75 (Asian high) and 108.50.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.60; initial support levels at 108.22, 107.56 and 107.18 with resistance above at 108.27, 109.65 and 110.31. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.59 and the daily 20EMA bullish at 107.55. Hourly RSI is bullish at 75.

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