USD/JPY bounces-off 101.75, back above 102.00

The USD/JPY pair rebounds sharply as we progress towards mid-Asian trades, with the bulls regaining ground somewhat amid a quiet Asian session so far this Friday.

USD/JPY supported at daily S1 (101.75)

The US dollar staged a solid comeback against its Japanese counterpart over the last hour, with traders having witnessed almost 35-pips recovery from daily troughs, amid thin market conditions as most major Asian markets are closed on a public holiday.

Earlier on the day, the major accelerated to the downside below 102 handle, as stops triggered below the last and drowned the rate as low as 101.76. At the time of writing, USD/JPY recovers most losses to now trade around 102.05 levels, while the Nikkei 225 index gains +0.33% to 16,460

USD/JPY hovers above 102 mark as dust settles over the US data dump aftermath, while markets digest the latest reports, which suggests that BOJ remains divided over its monetary policy outlook, with focus now shifting towards the Fed and BOJ policy decision due next week.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 102.33 (50-DMA). A break above the last, the major could test 102.48 (10-DMA). While to the downside, the immediate support is seen at 101.75 (daily S1) and below that at 101.54/40 (Sept 12 & 13 low).