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Forex pairs in this Article » USD/JPY
Fxstreet.com (Edinburgh) - The USD is rapidly losing ground against the Japanese yen on Wednesday, dragging the USD/JPY back below the critical triple-digit support.

USD/JPY finds support around 99.60

The pair seems to have bottomed out in the vicinity of 99.60 where buying interest is now attempting a rebound to the 99.80 area. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has eroded the 99.89/100.00 resistance zone, made up of the April highs, 61.8% Fibonacci retracement of the May-to-June decline and psychological resistance. The top of the cloud offers additional resistance at 101.28 and we support this may see the market struggle”.

USD/JPY critical levels

The pair is now retreating 0.82% at 99.79 facing the next support at 99.51 (low Jul.2) ahead of 99.18 (low Jul1.) and then 98.15 (cloud base). On the flip side, a break above 100.86 (high Jul.3) would open the door to the psychological level at 101.00 and finally 101.28 (top of the cloud).
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