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USD/JPY Bounces Off Resistance

The USD/JPY bounced off the resistance of the 108.90 level, on Tuesday morning. At that level the rate met with a monthly pivot point, which managed to force the rate down. In regards to the near term future, the rate was expected to test technical support levels from 108.40 to 108.50. In that range the 100-hour simple moving average, a 38.20% Fibonacci retracement level and a weekly pivot point. If this level gets passed, the rate would fall to the 200-hour SMA at 108.19. On the other hand, the rate might find support in the technical level cluster and reach back up to the 55-hour simple moving average.

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