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USD/JPY testing key resistance near 120.30

FXStreet (Mumbai) - The USD/JPY pair witnessed fresh buying interest after trading around a flat-line in last hours, driving the pair to fresh session highs near 120.30 region.

USD/JPY hovering above hourly 100-SMA

Currently, the USD/JPY pair trades 0.29% higher at 120.28, finally ending the range-trade. The major extends its rally beyond H1 R1-R2 and awaits further direction from the US opening bells, with markets eyeing the sentiment on the Wall Street.

The pair further gained momentum after the European stocks extended the previous rally and clinched solid gains as risk-on trade dominates.

The USD/JPY pair now tests the key daily R2 + horizontal resistance located at 120.30-35 regions and is expected to storm higher towards 121 barrier beyond a break of the last.

USD/JPY Technical levels to consider

Ivan Delgado, Chief Editor at FXStreet noted, “Today's key upside levels are found at 120.15 (daily R1 + horizontal resistance) ahead of 120.30/35 (daily R2 + horizontal resistance) ahead of 120.50/55 (Oct 5th high). On the downside, 119.65 is immediate support (post FOMC minutes low + daily S1) ahead of 119.40 (daily S2) and 119.00 (psychological number + ATR 14 limit for the day).”

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