USD/JPY jumps above 102.00

After moving during hours in a range between 101.90 and 101.40, the USD/JPY pair jumped to the upside breaking above 102.00. It peaked at 102.35, reaching a 2-day high.

A stronger US dollar across the board pushed the pair to the upside, at the same moment stocks in Wall Street trimmed losses. The Dow Jones is now down just 0.16% while European markets finished with mix results after the European Central Bank meeting.

USD/JPY bouncing from the 20-day SMA

The upside gained momentum during he last hours and the recent rally represents an extension of the bounce that started yesterday from the 20-day moving average that stands around 101.55.

Greenback is rising today after falling during the previous three days, when it retreated from 1-month highs that reached at the beginning of September at 104.31.

Technical levels

Currently it trades at 102.30, 60 pips above yesterday’s closing price. To the downside, support levels could now be seen at 101.90 (yesterday’s high), 101.70 (20-hour moving average), 101.40 (daily low), 101.15/20 (Sep 7 low), 100.60 (Aug 02 low, Aug 24 & 25 high) and 100.00 (psychological).  On the flip side, resistance might lie at 102.40 ( (Aug 29 high), 102.85 (Aug 31 low) and 103.00 (psychological).