USD JPY expands recovery process
10/4/2016 1:28:54 PM
The USD/JPY pair was seen developing to its momentum back above 50-day SMA and has now regained control over 102.00 handle.
At present trading around 102.25, the pair expanded its recovery process from the area of 100.00 psychological mark for the 6th straight session. The pair is profiting from the common risk-on sentiment, which appears to be driving investors away from the perceived safety of the JPY.
In the meantime, Monday's release of stronger than anticipated US ISM manufacturing PMI is more helping the dollar to expand the constant recovery trend against JPY.
Immediate upside persistence is fixed at 102.50 level above which the pair is probable to aim towards 102.78-80 before making an effort to regain 103.00 handle.
On the other hand, weakness back below 102.00 handle might now find immediate support at 50-day SMA near 101.75-70 region, which if broken might could drag the pair
back towards 101.00 round figure mark.