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USD/JPY settles down at 114.50 after a wild Asian session

FXStreet (Moscow) - USD/JPY  has recovered to from 114.06 low reached during late Asian hours; the pair stabilized at mid 114.00 ahead of busy European calendar

USD/JPY bulls celebrated victory at a new head-spinning high of 115.50 early in Asia, but their joy proved to be premature as the pair crashed back below 115.00 on the back of JPY sell-off in crosses and speculative profit-taking on long USD positions. Yen is seen as deeply oversold, so the correction is quite natural at this stage. Moreover, investors are nervous ahead of the ECB’s monetary policy decision. They hurry to take some profits off the table before the risk event. From the technical point of view the nearest support is seen at 114.06. Once it is broken, the downside may extend towards 113.80. The resistance comes at 115.00.

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 110.84 and the daily 20EMA bullish at 109.80. Hourly RSI is bearish at 49

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