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USD/JPY steadies at the 102.50 zone

FXstreet.com (Córdoba) - The yen found some buyers and retraced a portion of last week losses versus the greenback, underpinned by Japan Economy Minister Amari comments who suggested the nation's currency has already weakened enough.

USD/JPY saw a wild start to the week, dipping to a low of 101.93 at the opening, but eventually steadied around 102.50/60, where it trades little changed since opening. However, USD/JPY lost ground from a 4 ½-year high of 103.30 scored last Friday.

In terms of technical levels, on the downside, immediate supports are seen at the 101.90/102.00 zone, followed by 101.25 (low May 14). On the upside, resistances could be found at 103.30 (high May 17) and 103.50 (low Sep 30 2008).

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