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USD/JPY hovers around 108.55

FXStreet (Córdoba) - Following a spike seen during the Asian session, USD/JPY resumed the downside, falling through the 109.00 mark to fresh 4-day low.

USD/JPY reached a daily high of 109.22 ahead of the Bank of Japan decision to keep policy unchanged during its last meeting, but momentum faded and USD/JPY dropped more than 80 pips to a low of 108.37 at the beginning of the European session. At time of writing, USD/JPY is trading at 108.55, recording a 0.20% loss on the day, with the calendar pretty light for the US session.

USD/JPY technical perspective

“The intraday outlook is negative below 109.20 resistance, for a tight test of 107.99 low”, said Stoyan Mihaylov, analyst at Deltastock. “A break through the latter will provoke a slide towards 107.40 support zone”.

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