FXStreet (Moscow) - USD/JPY finally broke above 103.00 posting 4,5-month high at 103.33; it retreated just below 103.30 at the moment.

FOMC may give more arguments

Finally the USD resumed the rise based on the stronger than expected housing data, and rather high CPI readings reaching 2% Fed target in July in line with expectations. All these positive news helped to fuel the hopes for faster pace of the US recovery that triggered the rise of rate expectations. Today’s FOMC minutes release may add some arguments in favor of USD buying provided the statement will show more aggressive stance of the Fed members. In this case the pair may finally settle above 103.00 for good with initial target at 103.40 resistance followed by 103.65.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 103.01, with support below at 102.72, 102.46 and 102.21 with resistance above at 103.40, and 103.65. Hourly Moving Averages are bullish, with the 200SMA at 102.38 and the daily 20EMA bullish at 102.29. Hourly RSI is bullish at 73.

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