USD/JPY rejected near 102.00, drops to daily lows

The USD/JPY pair moves-off lows and continues to consolidate the downside, as the bulls try hard to extend the tepid-bounce beyond 101.50 levels.

USD/JPY re-attempts 20-DMA at 101.73

A renewed uptick to near 102 handle was quickly reversed by the USD/JPY pair, knocking-off the rate sharply lower to fresh daily lows of 101.57, as the USD selling picked-up pace across the board. At the time of writing, USD/JPY moved-off lows to trade around 101.65, still down -0.11% on the day, while the USD index flirts with lows struck at 94.84 last hour.

Moreover, persisting risk-off market profile continues to underpin the safe-haven demand for the Japanese currency, collaborating to the renewed weakness seen in USD//JPY.

Markets continue to absorb mixed Japanese economic releases and now look forward to the BOJ policy meeting for fresh incentives on the major. In the meantime, all eyes remain on the Chinese trade figures and US employment data due later on the day.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 101.91/102 (daily high/ round figure). A break above the last, the major could test 102.56 (5-DMA). While to the downside, the immediate support is seen at 101.18 (2-week lows) and below that at 101 (round figure).