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Forex: USD/JPY stalls below 102.50

FXstreet.com (Barcelona) - USD/JPY is last at 102.17, near session lows, off recent fresh 4.5-year highs at 102.48, highest since Oct 2008, printed by NY close on broad USD demand. There seems to be an option protection barrier at the 102.50 handle, FXBriefs reports: “I am told there is fix related demand today for USD/JPY  at the Tokyo fix (00:55 GMT),” notes editor Peter Fell, adding: “Stops are placed above the 102.50 barrier, sell orders between 102.75/90 and buy orders are seen between 101.70/80.”

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows momentum still heading higher, with distance in between 100 and 200 SMA widening more, which supports the pair current upward momentum,” the analyst says, adding: “In the 4 hours chart technical readings gain bullish momentum in positive territory, also supporting more gains in the pair,” she concludes.

Valeria spots support levels at: 102.00, 101.60 and 101.25, while resistance levels at: 102.40, 102.90 and 103.30.

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