USD JPY recoiled sharply
9/13/2016 7:20:43 AM
The bulls ultimately dominated 102.00 handle, although failed to stand above it and recoiled sharply from there to now trade around 101.85 levels.
The recovery in the USD/JPY gained traction during late-Asia as the Japanese stocks regained control, sending the rate back above 102.00 handle. Though, the bears fought back control and dragged the pair below the last, in spite of ongoing broad based USD recovery from Fed Brainerd-led slump.
At the time of writing, USD/JPY eliminated gains to trade around 101.85, while the USD index edges +0.08% higher to fresh session highs at 95.22.
Markets now wait for the European open for fresh motivation on the major. While consideration turns towards the US retail sales and CPI data due later this week, in lack of relevant economic data due today and tomorrow.
In technical view, the immediate persistence is located at 102.10. A break above the last, the major could test 102.30. While to the downside, the immediate support is seen at 101.40 and below that at 101.20.