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USD/JPY bulls not giving in

FXStreet (Guatemala) - USD/JPY is trading at 108.68, down -0.07% on the day, having posted a daily high at 108.80 and low at 108.67.

Kathleen Brooks, Research Director at FOREX.com explained that the correction in USD/JPY appears to be fading, after reaching a low of 108.26 on Tuesday on the back of the comments about yen weakness from the Japanese Prime Minister. “Our focus is now on key resistance at 109.46 – last week’s high”. Meanwhile, the USD/JPY slide was limited overnight and has formed a base on 108.60.70, with bulls still “not ready to give up in the pair” as Valeria Bednarik, chief analyst at FXStreet explained in the US shift. “Having approached the monthly high by posting 109.38 on the day, failure to hold and extend beyond 109.00 once again however, increases the risk of a deeper correction. The 1 hour chart shows price below a flat 100 SMA with the distance among 100 and 200 SMAs shrinking, usually a sign the dominant trend is losing steam. Indicators in this last time frame maintain the bearish bias, hovering near oversold levels, while the 4 hours chart shows indicators turned south and approach their midlines: a break through 108.50 should see a downward acceleration towards 108.20 price zone, while bulls will have a hard to add on dips now, and will likely step aside until the waters settle”.

Support levels: 108.50 108.20 107.70

Resistance levels: 109.00 109.45 109.80

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