FXStreet (Edinburgh) - The US dollar is losing the grip at the beginning of the week, dragging the USD/JPY to test lows in sub-102.00 levels.

USD/JPY back from post-NFP peaks

Spot continues to retrace recent tops around 102.30 after June’s Payrolls in the US economy surprised investors to the upside last Thursday. It will be a light week data wise in the US, with the main event being the FOMC minutes due on Wednesday. “. However, it is unlikely that the minutes will provide much further insight into the Fed’s policy outlook on top of the already released statement, updated economic projections, and press conference by Fed Chair Yellen which followed their last meeting”, noted Lee Hardman, Currency Strategist at BTMU.

USD/JPY levels to watch

The pair is now losing 0.14% at 101.93 with the immediate support at 101.76 (low Jul.3) ahead of 101.75 (Tenkan Sen) and finally 101.41 (low Jul.2). On the flip side, a breakout of 102.22 (high Jul.4) would open the door to 102.27 (high Jul.3) and then 102.39 (high Jun.11).

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