USD/JPY flirts with lows near 100.00

The USD/JPY pair failed to sustain the bounce from 100 levels and now gravitates near the last, despite a higher start to the European markets.

USD/JPY: Yen keeps gains

The dollar-yen pair extends losses as we step into the European session, and now looks to breach 100 handle once again, largely on the back of fresh selling seen in the US dollar against its major peers. The DXY slumps to fresh daily lows at 94.26, down -0.25% on the day.

Meanwhile, the yen bulls remains unperturbed by a recovery in oil prices and higher opening on the European indices, as the major is seen closely tracking USD moves so far.

The major will continue to closely monitor USD moves and RO-RO trends ahead of the US datasets due later in the NA session.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 100.49/57 (daily pivot/ 10-DMA). A break above the last, the major could test 101 (psychological levels). While to the downside, the immediate support is seen at 99.74 (daily S2) and below that at 99.53 (Aug 16 low).