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USD/JPY jumps back into the bids as Tokyo returns

FXStreet (Mumbai) - The US dollar appears to regain lost footing and flipped to gains versus the yen as Japanese traders returned to markets after a long break, digesting the recent developments across the financial markets.

USD/JPY rises from 120.20

Currently, the USD/JPY pair trades marginally higher at 120.34, spiking to fresh session highs at 120.40 as Tokyo re-opened. The major witnessed a fresh bout of buying interest and broke through the overnight range-trades as Japanese traders reacted to the recent chatter of Fed rate hike back on the table this year, thus bidding up the USD/JPY pair.

However, the gains are likely to remain capped as markets turn cautious amid mixed performance of the Asian indices following a negative close on the Wall Street overnight. The Japanese benchmark, the Nikkei had a negative start and now trades -1.45% lower, while Australia’s S&P ASX gains nearly 1% so far.

Looking ahead, the Japanese flash manufacturing PMI is due to be reported later this session, while markets shift their attention towards key US durable goods orders data due later tonight and Friday’s inflation figures from Japan for fresh incentives.

USD/JPY Technical levels to consider

To the upside, the next resistance is located 120.64 (Sept 22 High) levels and above which it could extend 121.02 (Sept 17 High). To the downside immediate support might be located at 119.71 (Sept 21 Low) below that at 119.38 (Sept 15 Low) levels.

AUD/JPY downside playing out to key support

AUD/JPY is currently trading at 84.14 with a high of 84.35 and a low of 84.06.
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EUR/JPY capped at 136 handle

EUR/JPY is currently trading at 134.49 with a high of 134.65 and a low of 134.42.
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