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FxWirePro: USD/JPY slips below 108 handle to hit fresh 7-week lows, downward bias intact

USD/JPY chart - Trading View 

USD/JPY slipped below 108 handle to hit fresh 7-week lows at 107.97, downward bias intact.

The major was trading largely unchanged at 108.12 at around 04:20 GMT, with session high at 108.31 and low at 107.97.

Diminishing odds for an earlier than anticipated Fed lift-off undermined the buck, dragging the pair lower.

Further,  slight deterioration in the global risk sentiment provided a modest lift to the safe-haven Japanese yen.

USD/JPY slips lower for the 3rd straight week, trades below 200W MA with scope for further downside.

Major Support Levels: 

S1: 107.95 (55-EMA)

S2: 107.52 (Cloud top)

S3: 107.40 (110W EMA)

Major Resistance Levels: 

R1: 108.55 (5-DMA)

R2: 108.94 (200W MA)

R3: 109.46 (20-DMA)

Summary: USD/JPY trades with a bearish technical bias. Watch out for break below 55-EMA support for further downside. Scope for test of cloud support at 107.52.

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