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    USD/JPY back below 101.00 level, drops to session low at 100.65

    The USD/JPY pair's late retracement on Wednesday got sold into near 101.40-50 support turned resistance and the pair is now extending its weakness below 101.00 handle to currently trade near-session low level around 100.65-70 band.On Wednesday, the pair dropped to the vicinity of 100.00 psychological mark as risk-off sentiment drove investors to the perceived safety of Yen. The bears took a breather after a stronger-than-expected US ISM non-manufacturing PMI helped investors to shrug-off some Brexit-led worries. Adding to this, dovish June FOMC meeting minutes further cooled investors' nervousness and drove risk-on trade, assisting the pair to recover swiftly from lower levels. On Thursday, the pair resumed its weakening trend despite of a slight improvement in global risk sentiment as investors now shift focus to the scheduled release of US monthly employment report on Friday, which would assist traders to determine the near-term direction of the USD/JPY major.Technical levels to watchOn the immediate downside, bulls would like to defend 100.00 psychological mark support, which if broken should immediately drag the pair back towards Brexit swing-lows support near 99.00 round figure mark. Meanwhile on the upside, momentum above 101.00 handle might continue to face strong resistance near 101.40-50 region. Only a decisive strength above this immediate strong resistance would negate any further near-term bearish momentum and could assist the pair to move back above 102.00 level and towards testing 102.50 horizontal resistance.

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