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USD/JPY rebounds off session lows to 101.80/81

FXstreet.com (Barcelona) - The USD/JPY pair was annihilated overnight, culminating in session lows at 101.44 during European trading Thursday.

In these moments however, the pair finally managed to bottom out, recovering slightly back to 101.80/81 at the time of writing. Still, at this juncture the USD/JPY is still operating at -1.33% off its opening level.

Following an earlier drop below the 102.65 support, Mataf.net technical analysts identify the next short-term supports for the USD/JPY at 101.81, followed by 101.27. Conversely, the pair is set to face calculated resistance at 104.03, then 104.57, and ultimately 105.51.

“Breaking 101.70 now supports the idea of entering a bearish correctional move. Since trading is stable below 102.50 then the possibility of breaking the referred to level is valid today.” notes the ICN.com Technical Analyst team.

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