USD/JPY fails to hold above 102.00 once again

Having tried several attempts to take-out 102.10 resistance over the last few hours, the USD/JPY pair finally surrendered to sellers and breached 102 handle once again in the European session.

USD/JPY eyes daily lows?

A major turnaround in the risk conditions amid a negative start on the European indices and sell-off in oil prices, refueled the demand for the safe-haven yen and hence, prompted fresh selling in the USD/JPY pair.

At the time of writing, USD/JPY drops -0.14% to 101.94, looking to test daily lows struck at 101.76, while the European equities trade range bound to lower in the opening trades.

Meanwhile, the major will continue to track the RO-RO trends persisting in the markets ahead of US datasets due later in the NA session. Focus also remains on the policy decisions from both the BOJ and Fed, with the BOJ verdict likely to overshadow Fed’s.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 102.33 (50-DMA). A break above the last, the major could test 102.48 (10-DMA). While to the downside, the immediate support is seen at 101.75 (daily S1) and below that at 101.54/40 (Sept 12 & 13 low).