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Forex pairs in this Article » USD/JPY (Moscow) – Despite the cautious US Dollar selling, USD/JPY rushed higher reaching 102.40 morning high.

USD/JPY is scared of Yellen

Although the pair started the week with a small gap higher, and now tries to reach the nearest resistance level at 102.58, it came under pressure on Monday, and it may slide down today, given the nearing testimony of Janet Yellen before the Congress. The new chairman may sound more dovish than Bernanke did. Besides, the recent disappointments from US labor data only support the idea of unchanged pace of tapering. If investors found some hints on longer period of ultra easy monetary policy, it may send the pair down with initial target at 101.91 support level, followed by 100.61. The upside is limited by 102.95.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 102.28, with support below at 101.91, 100.61 and 101.24, with resistance above at 102.58, 102.95, and 103.25. Hourly Moving Averages are mixed, with the 200SMA at 101.94 and the daily 20EMA at 102.68. Hourly RSI is neutral at 45.
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