FXStreet (Córdoba) - The USD/JPY managed to trim intraday losses after bottoming out at 101.30 during the European session, although it continues to trade in negative ground for the day.



The USD/JPY is correcting lower after the upside was capped by the 21-day SMA following 3 consecutive days of gains. However, the subsequent dip was contained by the1 01.30 area, confining the pair to a phase of consolidation. At time of writing, the USD/JPY is trading at 101.35, still 0.10% below its opening price.



USD/JPY technical levels



In terms of technical levels, the USD/JPY could find immediate supports at 101.19 (Jul 21 low), 101.08/05 (Jul 18 & 10 lows) and 100.81(May 21 low). On the other hand, resistances are seen at 101.60 (Jul 22 high), 101.78 (Jul 16 high) and 101.93 (200-day SMA).



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