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USD/JPY slides further below 123.00

FXStreet (Córdoba) - USD/JPY dropped further during the American session and extended the decline below 123.00. It bottomed at 122.55, reaching the lowest level since last Friday.

The pair was trading at 122.60, more than 50 pips below yesterday’s closing price. Greenback continues to lose ground across the board. The Dollar Index (DXY) is now at the lowest in four weeks, making an impressive reversal from multi-year highs.

The retreat of the US dollar started after the European Central Bank announced more easing measures but did not increase the amount of the purchase program and boosted the euro in the market. Attention will slowly start focusing on the US official employment report that will be released tomorrow.

USD/JPY technical levels

To the downside, support levels might lie at 122.50/55 (daily low), 122.20 (Nov 16, 25 low), 122.00 (200-day MA). On the opposite direction resistance might now be seen at 122.95 (20-day MA), 123.65/70 (Nov & Dec highs) and 124.00 (psychological level).

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