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USD/JPY remains capped by 120.00

FXStreet (Córdoba) - USD/JPY fell sharply throughout the European session and broke below the 120.00 mark as the risk off mood boosted demand for the yen as safe-haven.

USD/JPY fell more than 80 pips along the day and hit a low of 119.69 before finding support and attempting a recovery. However, with the bounce capped by the 120.00 zone, the pair was confined to a phase of consolidation. At time of writing, USD/JPY is trading at 119.80, recording a 0.61% loss on the day.

In the absence of major data releases, trading remains subdued driven by sentiment as investors continue to assess last week’s Fed rhetoric. On Thursday, US will release durable good orders ahead of the GDP second revision on Friday.

USD/JPY levels to watch

As for technical levels, USD/JPY could find next supports at 119.69 (Sep 22 low), 119.04 (Sep 18 low) and 118.60 (Sep 4 low). On the flip side, resistances line up at 120.60/65 (Sep 22 & 21 highs) and 120.83 (200-day SMA) ahead of 120.98/121.00 (Sep 17 high/psychological level).

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