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USD/JPY attacks 109.00 support

FXStreet (Moscow) - USD/JPY touched 3-week high at 109.30, before reversing the move to current 108.99.

The pair broke above 109.00 resistance and moved higher on FOMC meeting outcome. Nothing aggressive was in the accompanying statement – just a couple of words about better Labor market stance. However, the market was so over-positioned on USD shorts, that the mere short squeezing sent the pair to 3-week high. Although we see a corrective retreat to current 109.00 area, the FOMC outcome may be enough to drive the pair higher above 109.65 resistance – even weaker than expected reports out of the US may be ignored by the market for some time.

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 109.65 and 110.31. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.66 and the daily 20EMA bullish at 107.55. Hourly RSI is bullish at 75.

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