USD/JPY strong support at 102, weakness only below

FX:USDJPY   U.S. Dollar/Japanese Yen
483 0 16
USD/JPY             picked up significant strength and saw a nice rebound from lows of 101.97 levels.

Renewed risk-on wave in the markets following the release of better-than-expected Chinese Caxin manufacturing PMI.

Data released earlier on Monday showed that Caixin China Purchasing Managers’ Index coming in at 50.6, with manufacturing rebounds seen after 16 months of contraction.

Comments from Fed official Dudley keep the sentiment around the greenback buoyed, US ISM manufacturing PMI due later in the NY session will also be in focus.

Fed’s Dudley was on the wires earlier today said "If we grew much faster than 2.0% we would have to tighten monetary policy ."

Dudley says 'Definitely' see interest rate hike before US election if the economy grows & labour market improves quickly.

Technically, USD/JPY             finds stiff resistance by 1H 20-SMA currently at 102.51, decisive break above could see upside upto 103.35 and then 103.75.

On the downside the pair finds strong trendline support at 102 levels, break below will see test of 101.60 and then 101.15.

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