USD/JPY in consolidation mode above 101.00

USD/JPY remains in consolidation mode near 3-week lows scored earlier this week as investors focus turns to US nonfarm payrolls data due tomorrow.

USD/JPY has been moving sideways over the last sessions, unable to set short-term direction, after hitting a low of 100.67 on the back of BoJ move, which was seen as ‘insufficient’ by market. With the subsequent recovery capped by the 101.60/65 area, the pair was confined to directionless trade.

USD/JPY technical levels

At time of writing, USD/JPY is trading at 101.20, virtually unchanged on the day. In terms of technical levels, next supports are seen at 100.67 (Aug 2 low), 100.53 (Jul 11 low) and 99.98 (Jul 8 low). On the other hand, resistances line up at 101.45 (Aug 4 high), 102.82 (Aug 2 high) and 103.48(10-day SMA).