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USD/JPY bumps into 102.30 on its way to the North

FXStreet (Moscow) - USD/JPY continued to climb higher in Asia as the pair started the day at 102.18 and made its way to current highs of 102.35 on the back of eased geopolitical tensions

Back above 102.00 again

USD/JPY managed to settle above 102.00 pivot, but it is too early to cry victory as the the upside momentum is still rather weak. Light macroeconomic calendar and contradictory news from geopolitical front prevented investors from taking hard and fast decisions. Anyway, the key macroevent of the week for the Japanese currency is the GDP report scheduled for Wednesday. It is expected to show substatial deterioration in the second quarter due to sales tax hike. Low numbers may put JPY under selling pressure, though most of them are already priced in. On the intraday basis USD/JPY needs a clear break above 200-day at 102.30 followed by medium offers at 102.50 to get a chance to return to 102.80. On the downside the initial support is seen at 102.00 and followed by Friday's low at 101.71.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.15, with support below at 102.06, 101.92 and 101.73 with resistance above at 102.28, 102.37, and 102.51. Hourly Moving Averages are mixed, with the 200SMA bearish at 102.44 and the daily 20EMA flat at 102.8. Hourly RSI is bullish at 71.

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