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Technical Analysis: USDJPY bounces off seven-week-old support line to regain 107.00

Although the early-day risk-off sentiment dragged USDJPY to a three-day low, an ascending trend line from May 06 triggered the pair's bounce afterward. As a result, the quote again aims to confront the 107.45/55 resistance confluence including 61.8% Fibonacci retracement and 200-bar SMA. Also acting as the key short-term resistance is June 16 top near 107.65 that holds the gate for the further upside towards May 19 top close to 108.10.

Meanwhile, a downside break below the aforementioned support line, at 106.70 now, will attack the monthly low near 106.55 and May 08 low near 106.22. Though, the previous month's bottom close to 106.00 will act as strong downside support, which if broken can recall the sub-105.00 area on the chart.

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