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USD/JPY drops below 107.00

FXStreet (Córdoba) - The US dollar erased all gains versus the Yen and closed a bullish gap. USD/JPY failed to hold above 107.00 and after breaking below 106.92 (previous low) fell to 106.82, reaching a fresh daily low.

Price remains near the lows holding bearish momentum as stocks in Europe drop further, favoring the yen in the market. The pair is trading back at the same level it closed Friday, after erasing all gains.

USD/JPY levels to considerer

To the upside, immediate resistance lies at 107.17/20 (area that capped the recent rebound from 106.92) and above here at 107.35/40 (daily high), followed by 107.60. On the opposite direction support might lie 106.80 and below here at 106.55 and 106.30.

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