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FxWirePro: USD/JPY edges lower from session high at 100.52, 10-day MA caps upside

USD/JPY extends range trade into the European session, holds above the 100 handle. A tepid bounce in the pair was rejected at session highs by 100.52, stiff resistance seen by 10-DMA at 100.59. The pair has edged above 5…

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FxWirePro: USD/JPY edges lower from session high at 100.52, 10-day MA caps upside
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  • USD/JPY extends range trade into the European session, holds above the 100 handle.
     
  • A tepid bounce in the pair was rejected at session highs by 100.52, stiff resistance seen by 10-DMA at 100.59.
     
  • The pair has edged above 5-DMA at 100.17, which is now immediate support on the downside.
     
  • Momentum studies are neutral, upside could gain traction only on break above 10-DMA at 100.59.
     
  • On the downside break below 5-DMA finds strong trendline support at 99.60, break below could accentuate weakness.
     
  • US existing home sales data will be watched for further USD moves alongside the US crude inventories data due later in the NA session.
     
  • Focus also remains on the much-awaited Jackson Hole Symposium, which may provide some hints on the Fed rate hike campaign. 
     

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