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    USD/JPY technicals point to further downside - FXStreet

    Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair fell to a fresh 5-week low of 106.24 with the Japanese yen benefiting from risk aversion.Key Quotes:"During the past Asian session, BOJ's Nakaso reiterated that the Central Bank is committed to hit the 2.0% inflation target and that they would take additional steps if needed to achieve such goal, but the market has ignored the wording, ahead of the upcoming BOJ meeting next June 16h.""The overall bearish tone is persist in the pair, in spite of the intraday recovery, with investors still looking to retest May low around 105.50. Short term, the 1 hour chart shows that the price is below a sharply bearish 100 SMA, whilst the technical indicators have lost upward strength after entering positive territory, now presenting a neutral stance. In the 4 hours chart, the technical indicators have posted modest bounces within bearish territory, whilst the price is well below its 100 and 200 SMAs, in line with the shorter term outlook."


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