The USD/JPY had declined to 82.16 low during the Asian session, but reversed its direction to fully retrace losses and add gains. The pair has found resistance nearby 82.50 areas and is now quoting at 82.45. As initial support and near-term base at 82.00 was dented yesterday, with studies on the daily chart pointing lower, downside remains in focus, with initial targets at 81.82/54, ahead of Fibonacci support at 81.05”, writes Windsor Brokers analyst Slobodan Drvenica, pointing to resistance at 83.00. Only above 83.29/38, the pair would signal recovery.
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