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USD/JPY attempts to trades above 113.50, but rejected

FXStreet (San Francisco) - After a brief period of consolidation in between 113.15 and 113.50, USD/JPY accelerated to return above 113.50 and testing daily highs at 113.75; however, pair received a rejection of this level and now it is below the 113.50 again.

Currently, USD/JPY is trading at 113.41, down -0.31% on the day, having posted a daily high at 114.08 and low at 113.17. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

USD/JPY sentiment

"The pair has still an unfilled gap at 112.30 yet seems chances of a turn towards the level are limited," Valeri Bednarik from FXStreet comments. "Above 113.90 on the other hand, the pair will likely advance towards fresh highs year highs around 114.50/60."

In the short term, with a successful break above 113.50, the USD/JPY will find resistances at 113.75, 114.00 and 114.20. To the downside, supports are at 113.30, 113.15 and 113.00.

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