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USD/JPY: Offered above 120.00, weak stocks hurt

FXStreet (Mumbai) - The USD/JPY pair ran into offers at 120.07, tracking the losses in the Chinese and European stock markets.

Hovers around key fib support

At the moment, the pair is finding support at 119.81, which is the 38.2% fib retracement of 125.85-116.08 levels. China’s Shanghai Composite index was down almost 4% earlier today, before it trimmed losses to trade 2.8% lower on the day. Meanwhile, the European stocks also opened on a softer note.

Consequently, the Yen managed to take back losses triggered by weak export figures released earlier today.

USD/JPY Technical Levels

The immediate resistance is seen at 120.52 (50-DMA), above which the pair could rise to 120.91 (200-DMA). A daily close above the same would open doors for 122.06 (100-DMA). On the other side, support is seen at 119.81 (38.2% of 125.85-116.08), 119.55 (hourly 200-MA) and 119.30 (hourly 100-MA).

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