USD/JPY struggles with resistance at the 102.80 zone

USD/JPY edged higher on Tuesday as the dust continues to settle in financial markets following UK vote to leave the European Union last week.

Risk sentiment improved, underpinning USD/JPY to its highest level since Friday, although the pair seems to have found resistance at the 102.80 area during the New York session. At time of writing, the pair is trading at 102.65, still up 0.69% on the day.

On the data front, US first quarter GDP growth was revised up to 1.1% from 0.8% previously estimated. Meanwhile, US Consumer Confidence gauged by the Conference Board came in at 98.0 vs. 93.3 initially forecasted and May’s 92.4 (revised lower from 92.6).

USD/JPY levels to watch

In terms of technical levels, next resistances could be faced at 103.00 (psychological level) and 103.24 (post-Brexit high). On the other hand, supports are seen at 101.39 (Jun 27 low) and 101.00 (psychological level).