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USD/JPY touches 111.00, time to take profit?

FXStreet (Moscow) - USD/JPY  has rallied to fresh high at 110.92, breaking above the previous high set at 110.66 and the option barrier at 110.75.

The pair is trading at 7-year highs following the BIJ decision to extend its stimulating program. While much better than expected US GDP data failed to fuel a sustained move higher yesterday, BOJ did the job today. The decision was a real surprise as hardly anyone expected such drastic action from the central bank. The released today PCE report is an important gauge of inflation, and it may trigger another series of sharp moves in the market, once they differ from market expectations. Worse than expected numbers may be used by speculators as a pretext to take profit on long USD/JPY positions ahead of the weekend. The key resistance level is seen at 111.00. It may cap the upside for the time being

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 109.15; initial support levels at 108.81, 108.41 and 108.08 with resistance above at 110.75 and 111.00. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.89 and the daily 20EMA bullish at 107.87. Hourly RSI is bullish at 87.

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