USD/JPY retraces daily gains

By FXstreet.com | Updated August 04, 2014 AAA

FXStreet (Córdoba) - The USD/JPY started the week on a positive note and continued to recover from its post-nonfarm payrolls drop, although momentum was lacking.



The USD/JPY managed to climb to a high of 102.72 at the beginning of the European session, but it failed to sustain gains for long and quickly pulled back. At time of writing, the pair is trading at the 102.55 area, virtually unchanged on the day.



Amid no fresh geopolitical news and light data week ahead, the USD/JPY could be confined to a range over the next few days.



USD/JPY technical levels



In terms of technical levels, the USD/JPY could find next supports at 102.32 (Aug 1 low), 102.12/10 (200- & 10-day SMAs) and 102.00 (psychological level). On the other hand, resistances are seen at 103.08 (Aug 1 high), 103.15 (Jul 30 high) and 103.43 (Jul 4 high).



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