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USD/JPY testing key resistance

FXStreet (Barcelona) - USD/JPY is trading at 106.32, down -0.01% on the day, having posted a daily high at 106.37 and low at 106.31.

USD/JPY broke up through the 106.20 resistance line on a move that took the pair from the midrange of the 105 handle. Fundamentally it was another day of stocks as the driving force with volatility playing out in the US session but in respect of the Yens technical picture, Valeria Bednarik noted that in the 4 hours chart indicators aim higher from overbought territory while moving averages stand way above current price. “An advance above 106.30 should signal some short term gains towards 106.70/80 price zone, but it will take the pair to regain this last to confirm a firmer upward pace”.

USD/JPY noteworthy levels

Spot is presently trading at 106.33, and next resistance can be seen at 106.35, 106.82 (Hourly 100 SMA) and 107.10. Next support to the downside can be found at 106.31 (Daily Low), 106.21 (Daily Classic PP), 106.10 (Hourly 20 EMA), 106.01 (Weekly ClassicS2) and 105.92 (Monthly Low).

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