USDJPY is chiefly under the influence of the upbeat Chinese CPI report. The support rests at 103.710 with resistance at 104.610 which the weekly pivot point at 103.870 is located in between the lines. The EMA of 10 is moving with bullish bias and it is located above the EMA of 100. The RSI is moving above the 50 level, the Stochastic is moving in high ranges and the MACD indicator is in positive territory getting close to the neutral zone. Long positions are recommended targeting 105.00.

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