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May,06 - USD/JPY remains pressured around the multi-day low

Despite retracing losses from the intraday low of 106.20,


USD-JPY-06052020USD/JPY stays depressed near the seven-week bottom while taking rounds to 106.33 on early Wednesday. In doing so, the pair bounces off the support line of a bullish technical pattern, falling wedge, with 0.22% loss on a day by the press time.

In addition to the aforementioned support line, close to 106.15, a downward sloping trend line from April 14, currently around 106.00, also limits the pair’s further declines. Meanwhile, an upside clearance of 107.20 resistance line figures could confirm the bullish technical formation, which in turn can challenge the previous month's top surrounding 109.40.

Lang

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