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USD/JPY feels the force of gravity, back to mid-114.00

FXStreet (Moscow) - USD/JPY  reversed from new multi-year high of 115.50 reached earlier during Asian hours and crashed towards the opening level at 114.44 amid JPY short-covering.

USD/JPY broke above 115.00 pivot, took out stops and rushed towards the option barrier spotted at 115.50 after the release of the BOJ October meeting minutes. An attempt to trade through this level failed as the pair touched the current high at 115.53 and crashed towards 114.40 area. The movement that is seen as a correction is gaining traction.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 114.34; initial support levels at 113.82, 112.89 and 112.37 with resistance above at 115.28,115.80 and 116.73. Hourly Moving Averages are bullish, with the 200SMA bullish at 110.72 and the daily 20EMA bullish at 109.80. Hourly RSI is bullish at 74.

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