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Forex pairs in this Article » USD/JPY (Barcelona) - Having posted an overnight high at 104.98, USD/JPY dropped overnight, to post a low of 104,13 before retracing to where spot is presently trading 104.53.

USD/JPY follow Nikkei lower

The negative correlation between Yen and the Nikkei, which slide 2.35% overnight, saw USD/JPY head lower having failed to test the psychological 105 level. Matt Bacon-Hall of FXBeat reports that sell orders were positioned between 104.90-105 which added to the resistance. The Asia session was light on data, with HSBC Chinese PMI coming in at 50.9, declining from 25.5 previous, and Japanese Vehicle Sales increasing to 18.7% from 13.3% previous. Looking at the Fibonacci retracement from the recent 5 year high at 105.39, to last weeks low at 104.06, we see that spot has continues to range neatly between the 38.2% and 100% levels.

What are today´s key USD/JPY levels?

Today´s central pivot point can be found at 104.57, which is acting as next resistance. Above we have R1 at 105.08, and next support below at S1 104.27. The hourly 200 SMA sits at 104.87 providing resistance, with the 20D EMA supporting at 104.04. On the weekly chart we can also see a Hammer candlestick pattern.
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