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USD/JPY dreams of comeback above 114

FXStreet (Moscow) - USD/JPY is in impressive retreat, as it reached 113.27 after refreshing 7-year high at 114.21 yesterday; currently, it rebounded to 113.55.

Yesterday, the pair tried to settle above 114.00 handle, backed by better-than-expected US Manufacturing ISM. Both headline and employment indexes came out stronger convincing the markets the American economy is on the stable path of recovery, and hinting on possibility of positive surprises from the Non-Farm Payrolls. The more strong readings from the USA we get, the higher the chances the pair may confirm the breakout of 114.00, and target new 7-year highs above 115.00.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 113.52; initial support levels at 112.82, 111.87 and 111.17 with resistance above at 114.48,115.18 and 116.13. Hourly Moving Averages are bullish, with the 200SMA at 109.36 and the daily 20EMA bullish at 108.81. Hourly RSI is bullish at 60.

European Monetary Union Producer Price Index (MoM) registered at 0.2% above expectations (0%) in September

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