USD/JPY backs off from session highs

The Dollar-Yen pair retreated from the session high of 102.39 to trade around 102.15, with traders awaiting the action in the Deutsche Bank shares.

Flirting with trend line resistance

The spot is trading around the descending trend line drawn from July 21 high and Sep 2 high. On technical charts, the pair now awaits bullish breach of the falling trend line hurdle.

Deutsche Bank shares traded on a weaker note in US yesterday and the odds are high that the share price could take a hit in Germany today. The broader market sentiment and the demand for the Japanese Yen is at the mercy of the action in the Deutsche bank shares.

USD/JPY Technical Levels

Breach of resistance at 102.65 (Aug 8 high) would expose 102.78 (Sep 21 high) and 103.00 (zero figure) beyond which a major hurdle is noted at 103.54 (June 16 high). On the other hand, a breakdown of support at 102.00 (zero figure) could yield a move lower to 101.57 (session low). A violation there would expose 101.00 (zero figure) levels