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USD/JPY at 111.29, as all odds against JPY

FXStreet (Moscow) - USD/JPY  set new multi-year high at 111.20 after having broken the pivotal level of 111.00 as BOJ downgraded economic forecasts.

It’s all about JPY today. USD/JPY managed to reach the highest level since January 2008 due to a confluence of several factors. First of all, GPIF got an approval to raise the domestic stock allocation to 25%. This news hit the wires early in Asia. Then there was a big surprise from BOJ that decided to extend its bond buying program and set the boll rolling for JPY. Technical break above previous 6-year high at 110.66 triggered large stops and pushed the pair higher towards 111.00. To crown it all BOJ lowered its economic forecasts and Kuroda made rather dovish comments. As a result USD/JPY is trading at 111.29 and bullish momentum is still strong enough to get it towards 111.40/50

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 111.30 and 111.50. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.85 and the daily 20EMA bullish at 107.87. Hourly RSI is bullish at 64.

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