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USD/JPY attacks 114.00 resistance

FXStreet (Moscow) - USD/JPY  is back at 114.00 door. The pair is trying to break above the pivot after having started the Asian session at 113.56

USD/JPY reversed some gains on Tuesday, though the downside was negligible in comparison with recent rally. The pair dipped to 113.16, but managed to recover towards 113.60 by the end of the day. Early USD/JPY gains on Wednesday are a factor of JPY weakening against EUR amid speculations that ECB’s Draghi would refrain from more aggressive stimulus, despite deteriorating economic situation in Europe. Meanwhile, BOJ’s Kuroda welcomed weaker yen and, effectively, promised more easing if it would be necessary to drive inflation expectations towards 2% target. From the technical point of view a sustained break above 114.00 would open up the way towards option barrier at 114.50, while demand on approach to 113.56 (Asian opening) and113.20/00 is likely to cap the downside on the intraday basis.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 113.64; initial support levels at 113.20, 112.73 and 112.29 with resistance above at 114.11,114.55 and 115.02. Hourly Moving Averages are bullish, with the 200SMA bullish at 109.96 and the daily 20EMA bullish at 109.28. Hourly RSI is bullish at 64.

Asian recap: mostly quiet session, EUR/JPY attacks major resistance

The Asian session happened to be rather quiet. US Dollar obviously need some rest after a strong rally across the board, while investors need to take some profit off the table ahead of the two risk events of the week - ECB policy meeting on Thursday and US Non-Farm payroll numbers on Friday.
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