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USD/JPY recovers to 113.70

FXStreet (San Francisco) - The USD/JPY is trading in recovery mode around 113.60 after bouncing off 113.15 and is now trading near intra-day highs.

Earlier in the day, the USD/JPY dropped from daily highs at 113.70 to 113.20, 50 hours MA level. Currently, USD/JPY is trading at 113.59, down -0.16% 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 strongly bullish.

USD/JPY levels

FXStreet chief analyst Valeria Bednarik comments that 114.20 multiyear high "is the key resistance level as a price acceleration above it should see the pair extending its advance towards the 115.00 price zone."

With a successful break above 113.70, the USD/JPY will find next resistances at 114.00 and 114.20. To the downside, supports are at 113.20, 113.00 and 112.60.

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