USD/JPY re-takes 101 and beyond

The bid tone behind the USD/JPY pair keeps growing bigger in the European session, now pushing the prices closer towards daily tops.

USD/JPY finds good support near 100.90 region

The US dollar is seen advancing higher against the Japanese yen this session, attempting recovery once again above 101 handle. The major regained momentum largely on the back of improving risk sentiment spurred by the European stocks recovery and higher oil prices.

Moreover, a renewed spurt of buying seen in the US dollar across the board, further added strength to the recovery in the dollar-yen pair. Looking ahead, markets now await the US ADP employment report due ahead of the US session for further momentum on the USD moves, while the ISM services PMI will be also closely eyed.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 101.34 (daily high). A break above the last, the major could test 101.77 (5-DMA). While to the downside, the immediate support is seen at 100.75 (daily low) and below that at 100.02/100 (Jul 8 low/ big figure).