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USD/JPY accelerates to the downside below 120.00

FXStreet (Córdoba) - The yen rose across the board during the last hour, particularity against European currencies. USD/JPY fell back below 120.00 and tumbled to 119.53 hitting afresh daily low. It was trading at 119.65/70, 70 pips below daily highs.

The pair lost momentum during the European session after hitting a 2-day high at 120.34 and started to decline after the release of the US ADP employment report and the Chicago PMI Index. Traders now await Janet Yellen speech.

The yen is rising in the market despite the rally in Wall Street. The Dow Jones remains near the highs, up more than 200 points while the Nasdaq gains 1.81%. Bonds are having a volatile day. The US 10-year yield reached earlier 2.10% and now it was at 2.065%.

USD/JPY back to where it started

The pair is back to the level it had at the beginning of the day, as it moves on consolidation mode. Price continues to face difficulties holding above 120.00 while to the downside, the US dollar has a strong support area between 119.20 and 119.55.

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