USD/JPY resumes advance, hits 10-day high

After a period of hesitation, USD/JPY gathered renewed buying interest and climbed to fresh 10-day highs above the 101.00 mark.

Fed Chair Yellen hawkish remarks gave the greenback a boost for a few minutes, but the rally lost steam soon after and USD/JPY dropped from the 100.80 zone to a low of 100.05. However, the US dollar has resumed the upside, overshooting early peaks to reach a high of 101.42 in recent dealings as investors reassess Yellen’s words. 

USD/JPY levels to consider

At time of writing, USD/JPY is trading at 101.21, recording a 0.74% gain on the day, with immediate resistances seen at 101.42 (Aug 26 high), 102.00 (psychological level) and 102.26 (Aug 12 high). On the other hand, supports could be faced at 100.05 (Aug 26 low), 99.53 (Aug 16 low) and 98.97 (Jun 24 low).