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USD/JPY drops to key fib support on risk aversion

FXStreet (Mumbai) - The bid tone on the safe haven Yen gained traction, pushing the USD/JPY lower to 119.60 (38.2% of 125.28-116.08) after the European stocks fell back into the red and extended losses.

Hovers around 119.60

The spot currently trades around 119.60 levels as investors flocked to the safety. The pan-European Euro Stoxx 600 index declined 1%, pushing the traditional safe havens like the JPY, CHF, Treasuries higher. The 10-yr treasury yield in the US also moved 2.2 basis points lower to 2.122%.

The US weekly jobless claims and monthly durable goods orders report due later today could influence the pair ahead of the Fed chairwoman Yellen’s speech.

USD/JPY Technical Levels

The immediate resistance is seen at 120.00, above which the pair could target the daily high of 120.39. On the other side, support is seen at 119.40 (Sep 15 low) and 119.05 (Sep 18 low).

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