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USD/JPY bounces at 108.25; back to 108.50

Following a 65-pip decline from 108.80 overnight, the USD/JPY found support at 108.25 where the pair was bought and launched back to price above 108.50.

Currently, USD/JPY is trading at 108.54, down 0.27% on the day, having posted a daily high at 108.89 and low at 108.25. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

USD/JPY sentiment

According to Gerry Davies, "a bout of risk aversion (Israel shooting down Syrian plane) and soggy US treasury yields will have helped the yen's cause." Davies affirms that "reports have 'decent' demand clustered 108.00/20."

If the pair consolidates levels above 108.50, it will find next resistances at 108.70 and 108.80. On the downside, supports are at 108.25, 107.90 and 107.40.

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