USD/JPY: in minor recovery of US session's drift lower

USD/JPY has started out in the Tokyo shift on the bid and recovering from 102.20 support.

The yen was better bid throughout the US  session taking USD/JPY down from 102.60 to aforementioned support in early Asia. Casting minds back to yesterday, the adjusted current account came in at ¥1.65 trillion, well below the surplus of ¥3.20 trillion for July expected, but above the previous ¥1.41 trillion. 

"Despite the short term positive tone, the Japanese yen maintains its long term bullish trend, and a test of the 100.00 level in the pair can't be disregarded," suggested Valeria Bednarik, chief analyst at FXStreet.

USD/JPY levels

USD/JPY has 102.85/103.00 resistance up ahead while a break of 103.55 will challenge cloud resistance at 104.08/105.45. "Rallies will find additional resistance at 104.17 the 20 day ma and 105.05 the 55 day ma," suggested analysts at Commerzbank, adding, " Support lies 100.82, the 78.6% retracement which is considered to be the last defence for the 99.00 recent low. Only a close above 105.68 would alleviate immediate downside pressure and only above 107.49."