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USD/JPY stays in the red around 120.40

FXStreet (Mumbai) - The increased bid tone on the US currency failed to lift the USD/JPY pair from the negative territory, as the JPY bulls appear to retain control ahead of Europe open.

USD/JPY bounces-off hourly 200-MA

Currently, the USD/JPY pair trades -0.11% lower at 120.43, fading a spike to 120.54 in last hours. The USD/JPY pair found good support at hourly 200-MA and attempts a tepid-recovery towards 120.60 region amid broad based US dollar rebound.

The Japanese currency remains bid versus the greenback, despite favourable risk-on environment extending from Asia on the back of positive close on major Asian indices.

On Monday, the greenback rallied against the yen as last week's run-for-safe-haven induced by the Fed’s doubts over emerging markets and China's growth prospects evaporated, as markets reacted to the hawkish comments by Fed officials Bullard and Lockhart in their respective speeches.

Looking ahead, with no significant economic releases on cards later today, the pair is likely to get influenced by the USD moves while also tracking the broader market sentiment.

USD/JPY Technical levels to consider

To the upside, the next resistance is located 120.61 (Today’s High) levels and above which it could extend 121.02 (Sept 17 High). To the downside immediate support might be located at 120 below that at 119.71 (Sept 21 Low) levels.

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