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USD/JPY clinging to 102.00

FXstreet.com (Barcelona) - The pair is stabilizing around 102.00 the figure on Tuesday, climbing sharply from overnight lows around 101.20.

“Notably USD/JPY has corrected higher overnight, and while it probably is too early to call the end of the correction lower in Japanese equities, we still expect USD/JPY to trade in the range of 98 to 105 in the coming months”, suggested Christin Tuxen, Senior Analyst at Danske Bank. The most significant event for the yen in the upcoming session will be Kuroda’s speech, due tomorrow in the Asian morning.

As of writing, the cross is up 1.03% at 102.01 with the next hurdle at at 102.59 (61.8% of 103.74-100.75) followed by 103.57 (high May 23) and then 103.74 (2013 high May 22). On the flip side, a breakdown of 100.81 (MA21d) would open the door to 100.66 (low May 24) and finally 100.37 (Kijun-Sen line).

Session Recap: EUR/USD reverses losses, Yen weakens

The dollar is mixed on the day but notably stronger against the yen and the franc as better appetite for risk weighed on perceived safe-haven currencies. USD/JPY regained the 102.00 level while USD/CHF was last up 0.5% at the 0.9675 zone.
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