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USD/JPY hovers near daily highs

FXStreet (Córdoba) - USD/JPY has entered a quieter phase Monday following sharp moves witnessed last Friday on the back of disappointing US nonfarm payrolls, which raised doubts above the state of the economy and the timing of the Fed lift-off.

USD/JPY completed a round trip down to 118.67 after jobs data to end the day little changed. However, the pair has managed to advance a few pips over the last couple of sessions, regaining the 120.00 level.

On the data front, Markit services and composite PMIs came in slightly below expectations at 55.1 and 55.0 respectively. Looking ahead, the ISM non-manufacturing index is expected to print 57.7 in September.

USD/JPY levels to watch

At time of writing, the pair is trading at 120.25, up 0.28% on the day, with immediate resistances at 120.39 (Oct 2 high), 120.58 (Oct 1 high) and 120.87 (200-day SMA). On the other hand, supports could be found at 119.85 (Oct 5 low), 119.48 (Oct 1 low) and 119.00 (psychological level).

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