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USD/JPY trapped in a range, NFP in focus

FXStreet (Moscow) - USD/JPY  has settled at 115.33 after having traded in a range, limited by 115.06 on the downside and 115.38 on the upside.

USD/JPY lived through another day of head-spinning growth and reached a fresh seven-year peak of 115.52 on Thursday. Technically, the pair is extremely overbought and ripe for downside correction, but traders are in no hurry to push it lower or take profits on their long USD positions ahead of the key risk event of the week, US Non-Farm Payroll report, published later today. It is notorious for its ability to trigger violent FX moves. Earlier in Asia Japanese cabinet ministers their expressed concern about JPY decline, probably, to dispel suspicions that the government is trying to manipulate its currency. Investors turned a blind eye to this news as BOJ’s actions are louder than words. On the intraday basis the initial support comes at 115.00. Daily and weekly close above this level might strengthen the bullish view. The bespoke resistance comes at 115.50/51.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 114.92; initial support levels at 114.31, 113.45 and 112.84 with resistance above at 115.78,116.39 and 117.25. Hourly Moving Averages are bullish, with the 200SMA bullish at 111.58 and the daily 20EMA bullish at 110.31. Hourly RSI is bullish at 69.

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