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USD/JPY now testing 108.20 key support

FXStreet (Guatemala) - USD/JPY is trading at 108.26, up 0.22% on the day, having posted a daily high at 108.76 and low at 107.75.

The FOMC minutes gave off a less of a hawkish tone than what might have been anticipated, perhaps a disappointment in light of the recent excitement over the jobs report last week. The minutes revealed concerns over the strength of the greenback and there was a theme over concerns around inflation more than there was bullish terminology around growth. Valeria Bednarik, chief analyst at FXStreet explains from a technical view, “The 4 hours chart shows indicators turning south below their midlines, after correcting oversold readings, yet buyers have been surging on dips below the 108.00 figure. The key support for the upcoming hours stands around 107.65, and it will take a break below it to confirm a continued slide over the upcoming sessions”.

USD/JPY noteworthy levels

Current price is 108.26, with resistance ahead at 108.36 (Daily Classic PP), 108.48 (Weekly Classic S1), 108.76 and 108.77 (Hourly 100 SMA). Next support to the downside can be found at 108.14 (Daily 20 SMA), 108.03, 107.82 and 107.75.

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