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USD/JPY eases back to 102.74/80 after Bernanke testimony

FXstreet.com (Barcelona) - The USD/JPY has erased a significant portion of its gains Wednesday, following Fed Chairman Ben Bernanke’s testimony during US trading.

After waning off session highs at 103.19, the pair has now eased back to the 102.74/80 level in these moments. At this juncture, the pair now operates +0.27% above its opening.

According to the Mataf.net analyst team, the USD/JPY will look to eventually test resistive levels at 102.92, onto 103.21, and finally 103.54. Alternatively, a paring of recent gains will drive the pair towards supports at 102.30, then 101.97, ahead of 101.68.

“The USD/JPY moved to the upside benefiting from stabilizing above linear regression indicators. We think that stability above those indicators and 102.15 levels support the possibility of extending the upside move. Therefore, we will hold on to our positive expectations for the rest of the day.” recommends the ICN.com analyst team.

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