USD/JPY catching a bid against the grain on 100 handle

USD/JPY has been a steady bid throughout the Tokyo open today 100.63 lows to 100.87 the high so far.

USD/JPY manages to catch a bid at the end of last week's business with better data arriving from the US, specifically with the surprise nonfarm payrolls numbers smashing expectations and sending the dollar vastly higher across the board bar the Yen and the antipodeans. The Yen remains strong on the basis of global uncertainties.

Over the weekend, Abe took up a victory in the upper house elections, adding some stability to Japan.

USD/JPY levels

The outlook remains bearish technically, with Intraday rallies struggling at 100.80 below the key resistance levels of 103.55/103.90 (16th June low and 61.8% retracements of the Brexit sell off). Analysts at Commerzbank explained that while the market is below there the price is better offered. "Note key near term resistance is now 105.55 (May low) and the 106.87 24th January high. We look for a retest of the 99.00 recent low Below 99.00 lies the 61.8% retracement of the move 2011 to 2015 at 94.75."