- USD/JPY intraday bias lower. Upside capped below stiff 10-DMA resistance currently at 102.03.
- The pair is attempting a recovery towards 101.50 supported by a minor recovery staged by the Asian equities.
- Sell-off in the US dollar fuelled by falling treasury yields overnight and better-than-expected Japanese core machinery orders to keep the pair subdued.
- Broader market sentiment along with US JOLTS job openings data due later in the NA session will be major drivers for the pair.
- Support on the downside seen at 101, 100.75 (Aug 3rd low) and 99.98 (July 8 low).
- Break above 10-DMA at 102.04 finds next major hurdle at 103.86 (20-DMA).
Recommendation: Good to sel rallies around 101.50, SL: 102, TP: 101/ 100.75/ 100.50
