USD/JPY hovers near 3-week lows

USD/JPY has entered a consolidation phase on Monday, as most majors in the FX market, as investors remain sidelined ahead of couple of central banks decisions and the US nonfarm payrolls later this week.

USD/JPY fell sharply last Friday after the BoJ refrained from taking bold easing measures and hit a 3-week low of 101.95. The pair has spent most of the day near recent lows, unable to set short-term direction despite disappointing US PMI data.

USD/JPY technical levels

At time of writing, USD/JPY is trading at 102.18, virtually unchanged on the day. In terms of technical levels, next supports are seen at 102.00/101.96 (psychological level/Jul 29 low), 101.00 (psychological level) and 100.53 (Jul 10 low). On the other hand, resistances line up at 102.67 (Aug 1 high), 103.84 (10-week SMA) and 104.13 (20-day SMA).