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USD/JPY above 103.80, next stop - 104.00

FXStreet (Moscow) - USD/JPY climbed to the current Asian high at 103.96 after opening at 103.77 as JPY continues to weaken across the board.

Sky is the limit

USD/JPY earned more than 70 pips on Wednesday as JPY was on the back foot across the board. A mixture of improved risk sentiments and technical factors pushed the pair to new multi-month highs. Moreover, FOMC minutes published during American hours on Wednesday, were regarded as hawkish and thus supported USD rally against most major currencies including JPY. As a result, USD/JPY came close to 104.00 handle and might break it later during the day, provided that there is a good bullish trigger to overcome strong offers on approach. Japan has published better than expected flash Manufacturing PMI, but the news seems to support risk sentiments rather than JPY. From the technical point of view, 104.00 handle is the key. When (and if) it is broken, the pair may absorb stops located just above this level and extend the upside towards the next resistance of 104.20 that is protected with fresh offers. On the downside the nearest support is seen at current Asian low of 103.67 and followed by 103.40.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 103.51, with support below at 103.14, 102.52 and 102.16 with resistance above at 104.13, 104.49, and 105.11. Hourly Moving Averages are bullish, with the 200SMA bullish at 102.54 and the daily 20EMA bullish at 102.42. Hourly RSI is bullish at 81.

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