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USD/JPY trading around 107.80 levels - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole notes that USD/JPY is trading near its closing level at 107.82 in the European session after being unable to climb above 108.00 early Asia.

Key quotes

"On the hourly chart, the pair appears weak with the RSI bearish at 49.37 levels."

"However, prices bounced back yesterday from the channel support of 107.60 levels."

"Thus, bears are likely come-in strong once the pair breaches the channel support located at 107.50 levels today."

"The pair also has a strong support of the rising trend line around 107.63 levels, breach of which shall also push the daily RSI below 50.00 levels."

"Meanwhile, the bulls are unlikely to have say so long as the pair trades below 108.13 levels."

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