USD/JPY pair losing height, now below 100.00

Bid tone around JPY strengthened, pushing USD/JPY briefly to a intraday low of 100.93 levels before recovering slightly to trade around 101.00 levels.

Safe havens on the rise

Safe havens – JPY and Gold – are attempting gains in Asia although the move is not backed by any clear fundamental trigger. USD/JPY clocked a high of 101.29 levels earlier today before retreating to 100.93 levels.

Ahead in the day, the spot is at the mercy of the US data, which could show the cost of living as represented by the consumer price inflation number eased somewhat in July.

USD/JPY Technical Levels

A breakdown of support at 100.71 (50% of 2011 low – 2015 high) would expose psychological level of 100.00.  A daily close below 100.00 would open doors for a re-test of Brexit day low of 98.97. On the higher side, 102.00 is immediate hurdle followed by a major resistance at 102.65 (Aug 8 high). A violation there could 103.00 levels.