USD/JPY back to square one

USD/JPY oscillated in a wide range and finally settled around its opening price, following the latest string of mixed US data.

USD/JPY dropped to a low of 101.89 as the knee-jerk reaction to poor US retail sales and PPI figures, but quickly bounced, overshooting previous daily highs to peak at 102.75. However, the dollar failed to sustain momentum as it managed to contained losses, and it was last trading at 102.35 against the yen, virtually unchanged on the day.

USD/JPY levels to watch

As for technical levels, next supports are seen at 101.89 (Sep 15 low), 101.41 (Sep 12 low) and 101.00 (psychological level). On the flip side, resistances could be faced at 102.75 (Sep 15 high), 103.35 (Sep 14 high), 103.80 (Sep 6 high) and 104.30 (Sep 2 high).