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USD/JPY attempts to upside failing

FXStreet (Barcelona) - USD/JPY is trading at 107.24, up 0.19% on the day, having posted a daily high at 107.42 and low at 107.05.

USD/JPY has opened up previously bid when testing resistance at 107.40, but has since tailed off and eyes 107.20 ahead of the 107 supporting figure. Analysts at TD Securities explain that from a technical perspective, they think recent price action supports the outlook for more USD/JPY weakness.

“Early October price action saw USD/JPY form a bearish key reversal day as the market tested, and failed against, the 110 area. Short-term technical patterns are softer and we think weakness below 106.54 (38.2% retracement of the 101/110 move up) will open the door up for a test towards the 104.50/105.50 range”.

USD/JPY noteworthy levels

Current price is 107.26, with resistance ahead at 107.38 (Daily Classic R1), 107.42 (Days High), 107.53 (Hourly 100 SMA) and 107.92 (Daily Classic R2). Next support to the downside can be found at 107.10 (Hourly 20 EMA), 107.07 (Daily Classic PP), 107.05 and 106.83.

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