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USD/JPY refreshed 7-year highs… again

FXStreet (Moscow) - USD/JPY refreshed 7-year high at 114.58, and it looks like is not ready to stop now.

The pair continues to react to the Republicans’ victory and Non-Farm report expectations, paying special attention to the leading indicators from the US labor market. The scheduled for release Non-Manufacturing ISM report may be of specific interest today, as its employment sub index has strong correlation with the Friday report. Better-than-expected readings may confirm the possibility of strong NFP outcome, and send the pair above 115.00 with next target at 115.36.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 114.11; initial support levels at 113.64, 113.20, and 112.73 with resistance above at 114.60 and 115.02. Hourly Moving Averages are bullish, with the 200SMA bullish at 110.09 and the daily 20EMA bullish at 109.28. Hourly RSI is bullish at 75.

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