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USD/JPY remains challenging on both sides

FXStreet (Guatemala) - USD/JPY is trading at 102.40, up 0.05% on the day, having posted a daily high at 102.46 and low at 102.29.

Valeria Bednarik, chief analysts at FXStreet noted that the USD/JPY starts the week with a soft tone, trading however steady above the 102.00 mark. “A spike that approached 102.80 strong static resistance area saw price retracing back lower, but finding buyers around at mentioned 102.00 price zone, turning the upside a bit more attractive in term. The hourly chart however shows price contained below it 100 SMA and indicators mostly flat below their midlines, while the 4 hours chart shows indicators in neutral territory and price standing above bullish moving averages. A daily descendant trend line coming from this year high of 105.43, stands today at 102.85 reinforcing the strength of the resistance area, and a break above it will favor a recovery beyond the 103.00 level”.

Support and resistance levels

Support levels: 102.30 101.95 101.60

Resistance levels: 102.80 103.10 103.45

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