USD/JPY offered at 102 figure

FXstreet.com (Barcelona) - The USD/JPY is last at 101.91, off recent session and weekly highs at 102.04, bouncing from NY session lows at 100.80, up +0.74% for the session and week. According to IFR Markets, Japanese importers and short covering have been behind the move higher.

So far capped below the 102 figure, the pair has enjoyed bids from broad USD strength by early Tokyo trade, last fading against major currencies such as Euro, Aussie or Cable, with commodities selling off. Nikkei index though have bounced strongly from initial session lows below the 14000 points, turning around later on, printing session highs around the 14400 points, last up +1.04%. Offers are seen from 102.00 to 102.30 in USD/JPY, options related.

Immediate resistance to the upside for USD/JPY shows at recent session/weekly/May 10 highs 102.00/04, followed by May 13 highs at 102.14, and Friday's highs at 102.60. To the downside, closest support lies at Friday's highs at 101.40, followed by May 24 lows at 101.10, and NY session lows at 100.80.