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USD/JPY makes shy attempts to reverse the move

FXStreet (Moscow) - USD/JPY managed to stay above 102.50 after yesterday’s successful breakout; it turned lower trading at 102.58 at the moment.

Passion for inflation

The pair stumbled over 102.50 area, and is having hard time going higher. The rumors about the US economy slack are back to the market this morning. However, today’s US data may help the move given scheduled for release CPI data. The report is important as the indicator has shown gradual rise of inflation from 1.6% y/y in January to 1.9% in June, confirming the price pressure is growing in the world largest economy. If today the 2.0%-level is broken it may fuel the market expectations of the earlier tightening from the Fed. The initial target to the upside for the pair may lie at 102.70 resistance.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.47, with support below at 102.34, 102.11 and 101.97 with resistance above at 102.70, 102.84, and 103.07. Hourly Moving Averages are bullish, with the 200SMA at 102.30 and the daily 20EMA bullish at 102.22. Hourly RSI is bullish at 58.

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