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USD/JPY treading water around 120.00

FXStreet (Edinburgh) - USD/JPY seems to be looking to stabilize the daily drop around the critical 120.00 support on Tuesday, picking up some pace after retreating to the 119.80 area.

USD/JPY weaker on US yields

The softer tone from US Treasuries in response to increasing risk aversion today has removed an important tailwind for the pair’s upside, allowing the ongoing correction lower from overnight tops around 120.60.

While Japanese markets will return to normalcy on Thursday, it is expected that USD-dynamics remain the almost exclusive driver for the pair in the near term. On the data front, US Durable Goods Orders, another revision of the US GDP and Chairwoman Yellen’s speech will be the salient points ahead in the week.

USD/JPY significant levels

At the moment the pair is losing 0.53% at 119.92 facing the next support at 119.40- (low Sep.15) followed by 119.05 (low Sep.18) and finally 118.87 (low Sep.8). On the other hand, a surpass of 120.63 (high Sep.22) would target 120.99 (high Sep.17) en route to 121.35 (high Sep.10).

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