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USD/JPY losses deepen to 102.45/50

FXstreet.com (Barcelona) - An overnight attempt by the USD/JPY to the 103.00 level failed (102.95 session high), culminating in a subsequent prolonged pullback that has enveloped the cross during European trading.

At the time of writing, the pair has now moved markedly lower to 102.45/50, establishing fresh European lows and incurring a loss of -0.30% off its opening. The Mataf.net analyst team postulates the next means of support at 102.27, followed by 10, and ultimately 101.17. Should the pair recover its losses, a movement above 103.37 will initiate short-term supports for the USD/JPY at 103.89, and 104.47.

According to the Technical Analyst Team at ICN.com, “The impetus for the recent move started with downside bias and high volatility yet remains limited above its linear regression indicators. Prolonged stability them keep the possibility of an upside move in an attempt to test key resistance level of the ascending channel, which means testing levels around 104.00.”

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