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Forex pairs in this Article » USD/JPY (New York) - The USD/JPY foreign exchange rate has continued its seesawing movement Wednesday, this time positively retracing some of its earlier weekly setbacks.

USD/JPY held below 97.00

At the time of writing, the USD/JPY pair is operating at 96.66/68, advancing at a rate of +0.70% during European trading, though off earlier highs at 97.06. The technical pair will encounter the next corrective levels of resistance at 98.36, onto 100.37, and finally 101.75. Conversely, a movement lower will eventually test supports at 94.97, followed by 93.59, and 91.58, notes the analyst team.

USD/JPY downtrend looks to mount

According to Karen Jones, an analyst at Commerzbank, “The USD/JPY has tested and failed to stabilize at the 55-day MA at 99.02. This is regarded as a return to point of break out from the 7-month uptrend, facing extremely negative price action. We would expect near-term rallies to fail ahead of the short-term downtrend.”
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