USD/JPY trims early recovery gains
|Having posted a session high near 101.00 handle, the USD/JPY pair lost its upside momentum and has now trimmed some of its recovery gains.
Currently trading near 100.60 level, the pair met with fresh supply as market seems to have digested US presidential debate-led wave of optimism. Concerns over Deutsche Bank was seen weighing on European equity markets, which have now started retracing from higher level and could be the first signs of risk-aversion making a comeback.
Focus now shifts to the release of CB US Consumer Confidence index, later during NA trading session, and would be looked upon to grab some short-term trading opportunities.
Technical levels to watch
Immediate downside support is seen at 100.30-25 area below which the pair seems vulnerable to head back towards 100.00 psychological mark support. A convincing break below 100.00 mark might trigger stops and is likely to accelerate the slide further towards 99.60-55 support area.
On the upside, 101.00 handle now seems to have emerged as immediate resistance, which if conquered should boost the pair beyond 101.30 intermediate resistance towards testing its next major hurdle near 101.65-70 region.
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