USD/JPY regains poise, flirts with highs near 102.20

After a brief phase of consolidating in early Europe around 102 handle, the USD/JPY pair regained momentum and hit fresh session highs at 102.20 levels.

USD/JPY tracks USD higher

The US dollar extends its post-NFP versus its Japanese counterpart in the European session, having found renewed bids just ahead of 102 handle, as the greenback halted its corrective slide and turned positive against a basket of six major currencies. The USD index now trades +0.06% higher at 96.25, near fresh session tops.

Moreover, the yen remains under pressure following the release of sluggish Japanese current account data earlier on the day. While the main reason behind the upward rally in the major is largely attributed to upbeat US non-farm payrolls induced upside bias in the buck. At the time of writing, the USD/JPY pair trades +0.38% higher at 102.18.

Focus now remains on the broader market sentiment for fresh incentives on the major, ahead of the US labour market conditions index due later in the American session.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 102.27 (daily top). A break above the last, the major could test 102.47 (daily R2). While to the downside, the immediate support is seen at 101.70 (5-DMA) and below that at 101.50 (psychological levels).