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USD/JPY extends pullback from 6-year highs

FXStreet (Córdoba) - Following the knee-jerk reaction to poor US nonfarm payrolls, USD/JPY pushed even lower and dipped below the 104.70 support area to hit fresh daily lows most recently.

The greenback suffered as the US created the fewest jobs in 8 months, raising doubts about the strength of the economic recovery. US nonfarm payrolls rose by 142,000 in August versus 225,000 expected.

USD/JPY staged a mild rebound from post-NFP lows but quickly resumed the slide and printed a low of 104.67. At time of writing, USD/JPY is trading at 104.80, recording a 0.43% loss on the day. However, the pair was still on track to post a its third weekly gain in four, having reached a 6-year peak of 105.70 earlier on the day.

USD/JPY technical levels

In terms of technical levels, USD/JPY could find immediate supports at 104.45 (10-day SMA) and 104.30 (Sept 2 low). Meanwhile, resistances are seen at 105.70 (Sep 5 high), 106.00 and 106.15 (Oct 3 2008 high).

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