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USD/JPY keeps falling along with Asian stocks, near 119.50

FXStreet (Mumbai) - The USD/JPY pair ran through fresh offers around 119.70 levels in the late-Asian trades and knocked-off the major to fresh session lows ahead of Europe open.

USD/JPY trades below 5-DMA

Currently, the USD/JPY pair trades -0.37% lower at 119.47, quickly recovering from fresh four-day lows reached at 119.38 in last hours. The Japanese currency found fresh bids and strengthened further versus the US dollar in early moves as the Asian equities sell-off intensified, thus hitting hard investors’ sentiment.

The Japanese benchmark, the Nikkei extended the drop and finished over -4% lower while China’s Shanghai Composite tanks -2%. Hong Kong’s benchmark, Hang Seng remains deep in the red, down -3.36%.

Markets now await the European opening bells for further direction on the pair as risk-off sentiment is likely to extend further amid a data-dry European session ahead.

Looking ahead, the NY session offers consumer confidence and goods trade balance data which may have major influence on the pair.

USD/JPY Technical levels to consider

To the upside, the next resistance is located 120 (Today’s High) levels and above which it could extend 120.64 (Sept 22 High). To the downside immediate support might be located at 119.21 (Sept 24 Low) below that at 119.03 (Sept 18 Low) levels.

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