USD/JPY resumes the correction and approaches the 102 again

FXstreet.com (Barcelona) - USD/JPY trades last at 102.15, off recent session lows at 102.06, still above yesterday's fresh weekly lows at 101.93, following massive sell-off on Japan FinMin comments about Yen weakness. The pair is down -1.04% for the week so far, on the back of Yen strength and broad USD weakness.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com, the USD/JPY is “now trading below 100 SMA in the hourly chart currently around 102.40 and offering short term resistance, while indicators maintain the bearish slope in negative territory,” adding: “Further slides may not be discarded up to 101.25 area, past week low: if strong buying interest does not surge on approaches to the area, then downward corrective movement can extend towards 99.70 area later this week,” she concludes.

Valeria locates support levels at: 102.10, 101.80 and 101.50, while resistance levels at: 102.40, 102.75 and 103.20.