USD/JPY keeps highs near 102.30

After bottoming out in the 101.40 region during overnight trade, USD/JPY has sparked a correction lower to the current 102.20/30 band, or daily highs.

USD/JPY higher on USD-buying

The pair managed to revert a negative start, not only regaining the 102.00 handle, but also moving further north to the area of daily highs near 102.30 in response to a renewed bid tone around the buck and a tepid recovery in the risk appetite space.

On the US data front, the NFIB Business Optimism index has ticked a tad lower to 94.4 during August ahead of the Monthly Budget Statement due later. In Japan, July’s Industrial Production and Capacity Utilization figures are due tomorrow.

USD/JPY levels to consider

As of writing the pair is advancing 0.38% at 102.24 facing the immediate hurdle at 102.65 (55-day sma) followed by 103.50 (50% Fibo of the July-August down move) and finally 104.33 (high Sep.2). On the other hand, a breakdown of 101.18 (low Sep.7) would aim for 99.53 (low Aug.16) and finally 99.08 (low post-Brexit Jun.24).