USD/JPY stuck between 103.00 and 100-DMA

The USD/JPY pair stalled its six-day winning streak and now trades directionless in a narrow range, awaiting fresh impetus for the next move higher.

USD/JPY faces strong offers near 102.95

The dollar-yen pair oscillates back and forth in a 25-pips narrow range over the last few hours, with the upside capped by 103 barrier and downside cushioned by 100-DMA now located at 102.70. USD/JPY is last seen exchanging hands around 102.87 levels, little changed so far this day.

The spot is seen gathering pace for further upside, closely tracking the upside consolidation in the US dollar against its major peers, after the buck hit a new three-month highs a day before.

The major will continue to get influenced by the broader market sentiment in the day ahead, with investors awaiting the US dataflow for further incentives on the USD dynamics.

USD/JPY Technical levels to watch 

In terms of technicals , the immediate resistance is located at 103 (3-week tops). A break above the last, the major could test 103.36 (mid-Sept high) and 103.90 (daily R2) beyond the last. While to the downside, the immediate support is seen at 102.70/68 (100-DMA/ daily low), next at 102.47 (daily pivot) and below that at 102.04 (5-DMA).