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USD/JPY rangebound ahead of key events

FXStreet (Córdoba) - The USD/JPY started the week on the defensive and retreated somewhat during the Asian session, only to bounce back and erased intraday losses.

The USD/JPY came under pressure Friday amid worsening risk sentiment and retraced almost completely previous weekly gains in The American afternoon. The pair moved lower Monday but found support ahead of Friday’s low. At time of writing, the pair is trading at 102.36, virtually unchanged on the day.

There is no much in terms of economic data scheduled for today, so the USD/JPY might enjoy a phase of consolidation as investors remain sidelined ahead of big events such as the Federal Reserve's annual economic symposium in Jackson Hole scheduled for Friday. Also this week, the Fed will publish last meeting’s minutes Wednesday while data on housing and inflation will be released tomorrow.

USD/JPY levels to watch

As for technical levels, next supports could be found at 102.13 (Aug 15 low), 102.05 (100-day SMA) and 102.01/00 (Aug 11 low/psychological level). On the other hand, resistances are seen at 102.70 (Aug 15 high), 102.91 (Aug 5 high) and 103.00/01(psychological level/Aug 1 high).

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