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USD/JPY bounces-off hourly 200-MA

FXStreet (Mumbai) - The USD/JPY bulls failed once again near the key upside barrier near 120.30-120.35 region and tested the hourly 200-MA, before bouncing-back near highs in the European morning trades.

Holds above hourly 200-MA

Currently, the USD/JPY pair trades 0.30% higher at 120.22, hovering above 120.10 in last hours. The USD bulls faced exhaustion at higher levels and deflated to familiar range as markets now await the upcoming US factory data for further momentum on the pair.

However, the major maintains the bid tone amid stabilizing equity markets and higher commodity prices, which contributes to the positive sentiment towards the US dollar.

USD/JPY Technical levels to consider

To the upside, the next resistance is located 120.64 (Sept 22 High) levels and above which it could extend 121.02 (Sept 17 High). To the downside immediate support might be located at 119.22 (Sept 29 Low) below that at 118.83 (Sept 8 Low) levels.

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