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USD/JPY capped at R1 and struggles on 108 handle

FXStreet (Barcelona) - USD/JPY is trading at 108.11, down -0.04% on the day, having posted a daily high at 108.20 and low at 108.08.

USD/JPY is losing the battle on the 108 handle with a slight penetration through and onto the 108.20 level and R1. The Yen has found a little support from the Industrial Production figures that came in at 0.6% y/y and 2.7% vs 2.2% expected for the month on month results.

Meanwhile, Karen Jones, chief analysts at Commerzbank suggested that we should now see only tepid retracements into the 107.39/23 band ahead of a climb above 110.00. “The market should remain well supported by cloud support circa 106.26/105.01… We target the 110.67 August 2008 high”. Valeria Bednarik, chief analyst at FXStreet, explained that the pair is confined to the range set by Fibonacci levels, in between 107.60 and 108.20 that represents the 50% and the 61.8% retracements of the latest bearish run from 110.08/105.19.

USD/JPY noteworthy levels

Current price is 108.11, with resistance ahead at 108.26 (Daily Classic R1). Next support to the downside can be found at 108.03 (Hourly 20 EMA), 107.93 (Daily Classic PP), 107.86 (Hourly 100 SMA) and 107.69.

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