USD/JPY trims tepid recovery gains, dips to 100.20

The USD/JPY pair ran through fresh offers at session high level of 100.46, trimming some of its tepid recovery gains to currently trade around 100.20-15 band. 

Verbal intervention by Japanese officials on Thursday, to intervene in case of sharp Yen appreciation, has been offering some support and limiting further downslide below the very important 100.00 psychological mark. Despite of cautious sentiment around equity markets, the pair has once again managed to bounce off sub-100.00 mark amid the ongoing broad based recovery in the greenback.

In absence of any economic releases from the US, the major will continue to derive its moves from broader sentiment surrounding the US Dollar and prevalent rsik appetite in equity markets.

Technical levels to watch

From current levels, further up-move is likely to confront resistance near 100.80 level, above which the pair seems all set to extend its recovery trend beyond 101.25 resistance, towards its next major resistance around 101.85-90 region. On the flip side, renewed weakness below 100.00 mark, would negate possibilities of any further recovery and drag the pair below Thursday low support near 99.65 level, towards testing Brexit swing low support near 99.00 round figure mark.