USD/JPY reverses Monday’s losses, just shy of 101.00 handle

Haresh Menghani FXStreet

Having nearly retested the very important 100.00 psychological mark, the USD/JPY pair turned sharply higher and is now trading at a fresh session high.

Currently hovering around 101.00 handle, improving risk appetite has been the key factor contributing to the pair's recovery momentum from a fresh multi-week lows touched earlier and assisting the pair to reverse all of its Monday’s losses.

Market sentiment got a boost after Hillary Clinton came out on top against her Republican opponent, Donald Trump, at the first US presidential debate. Moreover, the release of BOJ meeting minutes that suggested the central bank's readiness to ease further provided an additional boost to the pair.

Today's US economic calendar highlights the release of consumer confidence index for September, which will be looked upon for some impetus by short-term traders. However, broader trend would continue to be driven by the prevalent risk sentiment in global financial markets.

Technical levels to watch

From current levels, 101.00 handle might provide some immediate resistance, which if cleared should lift the pair immediately to 101.35-40 resistance. Above 101.35-40 resistance, the recovery momentum could further get extended towards its next major resistance near 101.85 level.

Meanwhile on the downside, renewed selling pressure back below 100.30 immediate support might now turn the pair vulnerable to break through 100.00 mark important support and head towards testing 99.65-60 important support touched in mid-August.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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