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USD/JPY New York Price Forecast: Dollar capped below the 105.00 figure vs. yen

  • USD/JPY is in consolidation after the black Monday’s selloff.
  • The level to beat for bears is the 104.00 support.

USD/JPY daily chart

USD/JPY is bouncing from three-year lows while below the simple moving averages (SMAs) as the equity markets are rebounding after a huge selloff on Monday. 

USD/JPY four-hour chart

USD/JPY is consolidating the selloff below the 106.00 figure. The market is trading below its main SMAs, suggesting a bearish bias in the medium term. The break below 105.00 could lead to further losses towards the 104.00 and 103.30. Resistance is seen at the 105.00 and 106.00 figures. 

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