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USD/JPY finds support and trims losses

FXStreet (Córdoba) - USD/JPY bounced off lows as the dollar managed to take back some of its earlier losses while investors await Fed Chair Janet Yellen speech due later in the session.

USD/JPY climbed more than 50 pips from a low of 119.21 toward the 119.75 zone, before the recovery lost momentum. At time of writing, the pair is trading at 119.70, still 0.46% below its opening price.

Despite intraday volatility, USD/JPY remains well within past weeks’ range within 119.00-121.00 unable to set short-term direction. Fed Chair Janet Yellen is due to speak at 21:00 GMT, which could spark some turbulence across markets.

USD/JPY levels to watch

As for technical levels, USD/JPY could find next resistances at 120.38 (Sep 24 low), 120.60/65 (Sep 22 & 21 highs) and 120.85 (200-day SMA). On the downside, supports are seen at 119.21 (Sep 24 low), 119.04 (Sep 18 low) and 118.60 (Sep 4 low).

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