USD/JPY attempts a recovery to 100.20

After briefly testing sub-100.00 levels, USD/JPY met some buying interest and managed to retake the 100.20 area although the undertone remains weak so far.

USD/JPY rangebound near 100.00

In the meantime, spot keeps alive the consolidative theme since the beginning of August around current levels, still looking for a strong enough catalyst to break the pattern either way.

USD dynamics remain the almost exclusive driver of the pair’s price action in the very near term, as speculations of extra easing measures by the BoJ at its September meeting appear somewhat mitigated.

USD/JPY levels to consider

As of writing the pair is losing 0.17% at 100.16 facing the immediate support at 99.53 (low Aug.16) followed by 99.08 (low Jun.24) and then 96.55 (low Oct.8 2013). On the other hand, a breakout of 101.58 (20-day sma) would open the door to 102.29 (61.8% Fibo of the June-July up move) and finally 102.83 (high Aug.2).