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USD/JPY: bears look for a US session close below 120

FXStreet (Guatemala) - USD/JPY is currently trading at 120.02 with a high of 120.59 and a low of 119.68.

USD/JPY has extended the downside, leading the way for the Yen crosses, as risk aversion takes a stronger grip as we progress through the week with markets concerned for the Global outlook, and key head establishments, such as the IMF, warning of the negative implications from China.

The Yen is playing out its safe haven status while equities are having a bad time of things, commodities are in the red and without there being much in the way of data, the negative headwinds are playing out while technical levels are triggering momentum in the price across the board of currency pairs.

USD/JPY levels

For the Yen, the downside and lowest point of the 20 SMA on the hourly chart for this week so far has acted as a support level when the price declined from the vicinity of the hourly 200 SMA at 120.29 when the pair touched down below the figure at aforementioned lows. Below there, a retest of 118.33/25 (March low) en route to the 116.15/115.85 2015 low and the recent low could be the next stops according to Karen Jones, chief analyst at Commerzbank.

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