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USD/JPY up through key 106.20

FXStreet (Barcelona) - Currently, USD/JPY is trading at 106.36, up 0.04% on the day, having posted a daily high at 106.51 and low at 106.27.

USD/JPY is up through the 106.20 key resistance and meeting supply at the 106.40 in Tokyo attempting to make god the losses from the effects of lower US yields and the expansion of the Japanese and US spread that has been pressuring of late, resulting in a tentative drift higher against headwinds earlier. Stock markets making the recent corrections from September highs have weighed heavily on the pair. Meanwhile, various on going sentiment suggested the BoJ are on track to keep policy unchanged while US data and global growth has been contradicting an outlook for a full recovery in the US.

USD/JPY hourly levels

With spot trading at 106.37, we can see next resistance ahead at 106.51, 106.78 (Hourly 100 SMA), 106.83 (Weekly Classic S1) and 107.22 (Daily Classic R1). Support below can be found at 106.35 (Daily Open), 106.21 (Daily Classic PP), 106.17 (Hourly 20 EMA), 106.01 (Weekly Classic S2), 105.90, 105.50 and 105.10.

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