USD/JPY falls below 102.00 as the Nikkei 225 turns negative

FXStreet (Córdoba) - The USD/JPY reversed direction and after reaching a daily high at 102.39 turned to the downside, falling below 102.00 as stocks in Asia lost momentum. So far the pair hit a fresh daily low at 101.89 and bounced slightly to the upside, but is still facing pressure under 102.00. In Japan, the Nikkei 225 that opened with gains is now losing 0.69%.

A limited recovery?

The recovery of the USD/JPY from 101.69 (February 14 low) has lost steam and is proven to be short-lived as the downside pressure returned. To the downside, below 102.00 immediate support lies at 102.65/70 and then 101.30.

If the USD/JPY manages to rise back above 102.00 it could remove some pressure. to the upside the key resistance level lie at 102.70, where weekly highs are located.