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FxWirePro: USD/JPY recovery lacks traction, trades rangebound below 200-DMA

  • The Greenback has paused downside against the yen as rumors of US-China trade talks support.
     
  • Reuters quoted as saying some senior White House Officials are trying to restart talks with Beijing before the US tariffs on China come into effect on July 6. 
     
  • The major slumped on Thursday, with downside fueled by declining Treasury yields.
     
  • Minor recovery attempts being made today seem to lack traction.
     
  • The pair is trading a narrow range on the day, capped below stiff resistance at 200-DMA at 110.21.
     
  • On the hourly charts, price failed to break above 1H 21-EMA, we see any upside only on break above.
     
  • On the daily charts, 21-EMA is strong support, break below is likely to see extension of weakness.
     
  • With no major data scheduled for the day, sentiment will likely remain the key driver for the pair.

Support levels - 109.68 (50% Fib), 109.29 (cloud top), 109

Resistance levels - 110.17 (5-DMA), 110.21 (200-DMA), 110.87 (61.8% Fib)
 

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