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USD/JPY testing the downside but supported

FXStreet (Barcelona) - USD/JPY is trading at 106.90, down -0.09% on the day, having posted a daily high at 107.13 and low at 106.85.

USD/JPY is holding up on the offer through the 107 handle as buyers came in and supported the downside. The pair penetrated the handle on a slide that leaves the pivot exposed as next solid line of defence. The JPY has been boss of the pair while it continues to fail through the 107 handle despite a good performance in the US on Wall Street overnight. 107 is the main hurdle at this juncture while to the downside, the pivot 106.76 is the back stop ahead of a potentially painful drop. US CPI is due and it is likely that such an event would be required in order to see a significant shift out of current range.

USD/JPY noteworthy levels

Current price is 106.90, with resistance ahead at 106.94 (Hourly 200 SMA), 107.00 (Daily Open), 107.04 (Yesterday's High), 107.05 (Weekly High) and 107.13 (Daily High). Next support to the downside can be found at 106.86 (Hourly 20 EMA), 106.85 (Daily Low), 106.76 (Daily Classic PP), 106.57 (Weekly Classic PP) and 106.56 (Hourly 100 SMA).

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