USD/JPY catches fresh bid, tests 101.50

The USD/JPY pair caught a fresh bid-wave last hours and finally took-out 101.30 resistance, as the greenback turned positive against its major peers.

USD/JPY eyes 10-DMA at 101.67

The US dollar jumped back on the bid versus a basket of six major currencies, which triggered fresh buying interest around the USD/JPY pair, sending the rate further towards the mid-point of 101 handle. The major was last seen exchanging hands at 101.44, up +0.15% on the day.

While risk-off sentiment eased a bit amid recovery in the Asian stocks and oil prices, also lending support to the renewed rally in the major. The major will continue to get influenced by persisting risk trends amid low volumes and limited volatility as the Japanese markets stay shut on account of Mountain Day holiday.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 101.65/78 (10 & 5-DMA). A break above the last, the major could test 102 (round number). While to the downside, the immediate support is seen at 101 (psychological levels) and below that at 100.84 (Aug 5 low).