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USD/JPY keeps refreshing October highs

FXStreet (Moscow) - USD/JPY continues to climb higher to the European opening; the pair touched new Asian high at 109.15, after having started the day at 108.83.

USD/JPY bullish trend is gaining traction as markets are buying the American currency after a bit more optimistic FOMC statement. JPY is under pressure across the board due to positive Japanese stock market developments and dovish comments from Japanese Prime Minister Abe, who told the Lower House Budget Committee that the pullback in domestic demand, caused by the April sales tax hike is close to the government's worse-case scenario. Later during the day keep an eye at 109.20 resistance as rumored offers and stops might cap the upside for the time being. Once this level is broken, the upside may be extended towards 109.50.

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 107.62 and the daily 20EMA bullish at 107.55. Hourly RSI is bullish at 77.

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