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USD/JPY supported on 107 handle

FXStreet (Barcelona) - USD/JPY is trading at 107.10, up 0.27% on the day, having posted a daily high at 107.32 and low at 106.67.

JPY will benefit in an environment where stocks are coming off and particularly in the US where volatility has ramped up due to concerns over in Europe that we could be seeing another recession there as well as deflationary conditions in the states. Germany printed highly alarming confidence numbers today where investors and analysts pooled in the ZEW data gave a very pessimistic view of the economy. However,despite this, today was a better open for US stocks so far as support came in after a bout of recent profit taking and some rest bite while US yields are also stabilising for now and supportive of the greenback. We are stabilising on the 107 handle currently.

USD/JPY noteworthy levels

Spot is presently trading at 107.12, and next resistance can be seen at 107.38 (Daily Classic R1), 107.62 (Hourly 100 SMA) and 107.92 (Daily Classic R2). Support below can be found at 107.08 (Hourly 20 EMA) and 106.83 (Weekly Low).

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