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USD/JPY consolidates a down US session

FXStreet (Guatemala) - USD/JPY is trading at 109.03, up 0.06% on the day, having posted a daily high at 109.13 and low at 108.87.

With the Nikkei opening down 1.16%, USD/JPY remains in a consolidating phase while attempts at the 110 handle were short lived and hit steady supply with lower equities and US yields dampening down the greenback. Valeria Bednarik, chief analyst at FXStreet notes that the pair lost almost 100 pips on the US session and explains that in the 4 hours chart indicators aim slightly higher after breaking below their midlines, with the overall tone still pointing for some more short slides, towards strong static support in the 108.50 price zone. Fundamentally, the Fed has a task at hand with a stronger buck while similarly, Japan have spoken up about their own concerns for a rapid shift in the weakness of their currency all of which may impact a bias to the pair.

Support levels: 108.90 and 108.50

Resistance levels: 109.45 109.80 110.20

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According to Chris Capre, Founder at 2ndSkies, followign the rejection off 110.00, the short term bias in USD/JPY is neutral to slightly bullish.
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