USD/JPY fades an uptick to 100.50

A sudden uptick seen in the USD/JPY pair lost pace at the mid-point of 100 handle over the last hour, sending the rate lower towards the familiar range around 100.30 handle.

USD/JPY: USD better bid

The US dollar is seen defending bids against its Japanese counterpart as we head towards mid-Asian trades, with the USD bulls still underpinned on the back of auspicious US new home sales data released a day before. The DXY rises to fresh daily highs at 94.61, up +0.08% on the day.

Moreover, the Japanese stocks move higher and thus, lift the overall sentiment, providing the much-needed support to the major. The Nikkei 225 index advances +0.40% to 16,565, having moved-off lows.

Amid a lack of fresh economic drivers, focus remains on any BOJ headline that indicates further easing next month, while the Jackson Hole Symposium is eagerly awaited for fresh insights on the US interest rates outlook.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 100.50 (daily high). A break above the last, the major could test 101 (psychological levels). While to the downside, the immediate support is seen at 100 (round figure) and below that at 99.53 (Aug 16 low).