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    USD/JPY hovers around 102.50 in early Tokyo Ivan Delgado

    USD/JPY is trading around key support of 102.50 in what has been a quiet start of the Tokyo session, with Valeria Bednarik, Chief Analyst at FXStreet, noting that the technical picture favors the downside. It is worth noting that volatility in the pair will probably be limited today due to US independence day.Valeria Bednarik, Chief Analyst at FXStreet notes: "Technical indicators in the daily chart have turned lower well below their mid-lines and following a modest upward correction from oversold territory, whilst the 100 DMA keeps heading lower far above the current level, now  in the 108.90 region."Valeria adds: "Furthermore, the pair was unable to rally beyond 103.55, in where the pair bottomed twice before plummeting on the back of the Brexit referendum, the level to beat to consider a bullish trade. Shorter term, the 4 hours chart presents a modest downward tone, as the price keeps developing below its moving averages, whilst the technical indicators head modestly lower below their mid-lines."

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