FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the USD/JPY dropped down to 101.85 in Europe and is still struggling to hold above the 102.00 level after its recovery.



Key Quotes:



“In the short term, the hourly chart shows indicators correcting higher from oversold levels, while moving averages converge in the 102.40 price zone acting as resistance”.



“In the 4 hours chart technical readings are biased lower, keeping the pressure to the downside: 101.70 stands as immediate support, in route to 101.20 stronger support zone”.



“Above 102.40 on the other hand, recovery may extend up to 102.80 doing then little to tip a recovery”.



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