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USD/JPY hits fresh highs above 120.50

FXStreet (Córdoba) - Following a quiet consolidative phase, USD/JPY picked up momentum and advanced to fresh daily highs at the beginning of the New York session, underpinned by better risk appetite.

USD/JPY rose beyond Asian session highs and stretched to a peak of 120.53 before facing resistance. At time of writing, the pair is trading at 120.47, still up 0.3% on the day, having recovered from a low of 119.62 recorded earlier on the day.

USD/JPY levels to watch

As for technical levels, USD/JPY could find next resistances at 120.60/65 (Sep 22 & 21 highs) and 120.84 (200-day SMA) ahead of 120.98/121.00 (Sep 17 high/psychological level). On the downside, supports are seen at 119.62 (Sep 23 low), 119.04 (Sep 18 low) and 118.60 (Sep 4 low).

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