USD/JPY bounces-off 4-week lows near 102.50

The USD/JPY pair stalled its downslide and now attempts a minor-recovery back towards 103 handle as the bears take a breather ahead of the European open.

USD/JPY at lowest levels since Oct 4

The Japanese yen is seen giving away a part of its renewed uptick, as the greenback recovers ground somewhat versus its major peers amid a mild improvement in the risk sentiment. Meanwhile, the USD index now drops -0.17% to 97.22, moving-off daily lows struck previously at 97.11.

Going forward, the major will continue to get influenced by the broad market sentiment, in light of the upcoming US presidential elections, while Friday’s US payrolls data may provide some fresh insights on the US economic and interest rates outlook.

In the meantime, attention now shifts towards the US unemployment claims, ISM services PMI and factory orders data lined up for release later in the American session.

USD/JPY Technical levels to watch 

In terms of technicals , the immediate resistance is located at 103 (round figure). A break above the last, the major could test 103.50 (daily pivot) and 103.93 (5-DMA) beyond the last. While to the downside, the immediate support is seen at 102.65 (Oct 5 low) next at 102 (round figure) and below that at 101.61 (daily S3).