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USD/JPY consolidates losses around 107.20

FXStreet (Moscow) - USD/JPY  consolidates around 107.20 level after having dipped to multi-week low at 107.06 amid thin market conditions

JPY is growing steadily since Asian opening despite closure of Japanese market for Sports Day holiday. US bank was rumored buying Yen early in Asia, which, considering thin market conditions, caused an extensive USD/JPY sell-off. The pair dipped to the current daily low at 107.06, but a thick layer of bids on approach to a critical support of 107.00 triggered a rebound towards 107.20. The resistance comes at 107.40, once the pair is clearly above this area, 107.55 will come into view. The bespoke support is 107.00

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.81; initial support levels at 107.42, 107.26 are already broken; now the support comes at 107.00 and 106.90 with resistance above at 108.01, 108.37 and 108.57. Hourly Moving Averages are mixed, with the 200SMA bearish at 108.62 and the daily 20EMA flat at 108.06. Hourly RSI is bearish at 35.

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