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usdjpy0110The USD/JPY pair held on to its modest intraday losses through the early European session and was last seen hovering near daily lows, around the 103.70 region.

The pair failed to capitalize on its early uptick, instead met with some fresh supply in the vicinity of the 104.00 mark and might now be headed to the lower end of a four-day-old trading range. The prevalent cautious mood benefitted the safe-haven Japanese yen and was seen as a key factor exerting pressure on the USD/JPY pair.