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Greenback going nowhere vs. Japanese yen, trades sub-108.00 figure

  • USD/JPY is ending the week pretty much where it started. 
  • The level to beat for bears is the 107.00 support. 

USD/JPY daily chart

USD/JPY keeps trading in a tight range below the 108.00 figure and the main SMAs on the daily chart as market participants are looking for a clear direction.

  

USD/JPY four-hour chart

USD/JPY is trading below the main SMAs on the four-hour chart suggesting a negative bias in the medium term. However, the spot remains confined in an extremely tight range. Sellers would need a clear daily close below the 107.00 figure, near the April low. On the flip side, resistance is seen near the 108.00 figure and a close above this level can lead to further gains. 

 

Additional key levels

 

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