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USD/JPY off highs, back to 120.40

FXStreet (Edinburgh) - After reaching fresh session highs in the 120.60 area, USD/JPY has now given away part of those gains and is now trading in the 120.40 region.

USD/JPY capped by 120.60

The upbeat momentum in US Treasuries gave the pair its initial boost, retaking the 120.00 at the end of the Asian session. The up move was later lifted further by comments by St. Louis Fed J.Bullard, who argued that a lift-off in September would have been appropriate.

In the data space, US Existing Home Sales disappointed investors during August, coming in at 5.31 million (or contracting at a monthly pace of 4.8%) vs. 5.51 million forecasted and down from July’s 5.58 million. Later in the session, Atlanta Fed Dennis Lockhart will give a speech.

USD/JPY levels to watch

As of writing the pair is up 0.27% at 120.33 with the next resistance at 120.59 (high Sep.21) followed by 120.99 (high Sep.17) and finally 121.33 (high Sep.10). On the other hand, a breach of 119.04 (low Sep.18) would aim for 118.58 (low Sep.4) and then 118.45 (low Aug.25).

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