USD/JPY clings to gains above 102.00

Ani Salama FXStreet

USD/JPY started the week on a strong note, as the greenback continued to strengthen amid renewed hopes the Fed might raise interest rates before the year end.

USD/JPY gapped higher and extended gains to a peak of 102.38, last seen Aug 9. At time of writing, USD/JPY is trading at 101.27, recording a 0.51% gain on the day.

The dollar barely moved following the release of in line with expectations personal income/spending data. US personal spending rose a seasonally adjusted 0.3% in July, while personal income climbed 0.4%, both matching expectations.

USD/JPY levels to watch

As for technical levels, immediate resistances seen at 102.64 (Aug 8 high), 102.75 (50-day SMA) and 103.00 (psychological level). On the other hand, supports could be found at 101.82 (Aug 29 low), 101.11 (20-day SMA) and 100.60 (10-day SMA).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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