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USD/JPY Analysis: Pressured By Moving Averages

On Wednesday, the USD/JPY currency pair tumbled to the 106.70 level. During today’s morning, the pair was testing the resistance formed by the 55– and 100-hour SMAs near 107.10.

If the given resistance holds, it is likely that some downside potential could prevail in the market, and the exchange rate could re-test the 106.70 mark.

Meanwhile, note that the rate could gain support from the Fibo 38.20% at 106.86. Thus, it is likely that the US Dollar could consolidate against the Japanese Yen in the short run.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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