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USD/JPY continues slide towards support at 100.60

FXstreet.com (Barcelona) - The Dollar/Yen finished the day sharply lower, down 115 pips at 101.12 but again holding previous support from the last three trading sessions near the 100.60 area. Economic data out of Japan in the coming session will be limited to Foreign Bond Investment at 23:50GMT.

The FXStreet.com Trend Index remains strongly bearish set up on the daily chart, while the ob/os Index reads neutral. Short term moving averages on the daily chart are also in a slightly bearish set up, with price just below the 9 and 20dma’s. The RSI (14) is currently neutral, consolidating between the 40 and 60 zone.

According to Val Bednarik of FXStreet.com, "USD/JPY trades again below key 101.20 area, 38.2% retracement of May bullish run. Investors may continue buying dips, but are now rushing to take profits out of the table. And while the long term bullish trend remains in place and there are no much signs of a top underway, downside potential continues to increase. As for the technical picture, the hourly chart shows price back below 100 and 200 SMAs, with the distance between both widening, supporting the bearish bias in the pair. Technical indicators stand in negative territory while bigger time frames show technical indicators turning south, supporting the shorter term view. Break below 100.65, this week low should anticipate further slides with 99.70, former high, then at sight."

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