USD/JPY stuck within range, near 102.70

USD/JPY keeps the negative fashion so far today as markets remain biased towards the risk aversion.

USD/JPY upside capped around 103.00

Spot is extending its narrow range in the upper-102.00s for the time being, with gains so far capped in the 103.00 neighbourhood following an initial bid tone in the risk-associated space.

However, renewed ‘Brexit’ jitters has been rattling markets after former London Mayor B.Johnson said he will not run for prime minister, while favourite candidate T.May has argued she will honour the recent vote.

Nothing worth mentioning data wise in the US, although Japanese inflation figures and the always-critical Tankan index will take centre stage early on Friday.

USD/JPY levels to consider

As of writing the pair is retreating 0.05% at 102.78 facing the immediate support at 99.08 (2016 low Jun.24) ahead of 96.55 (monthly low Oct. 8 2013) and then 95.70 (monthly low Aug.8 2013). On the flip side, a break above 105.05 (20-day sma) would aim for 106.85 (high Jun.24) and finally 107.70 (55-day sma).