USD/JPY pushing higher, flirting with 102.50

The Japanese safe haven continues to shed ground on Monday, with USD/JPY currently toying with the mid-102.00s, or session highs.

USD/JPY higher on risk appetite

Spot is extending its rebound from Friday’s lows in the 100.80 region, advancing nearly 2 cents following renewed buying pressure around the greenback post-NFP.

In addition, traders continue to unwind JPY-longs amidst swelling risk-on sentiment in response to July’s Payrolls.

On the positioning front, USD shorts have tumbled to the lowest level since early March during the week ended on August 2, according to the latest CFTC report.

USD/JPY levels to consider

As of writing the pair is advancing 0.61% at 102.41 facing the immediate resistance at 102.83 (high Aug.2) ahead of 103.28 (50% Fibo of 99.08-107.48) and finally 104.04 (20-day sma). On the other hand, a break below 100.65 (low Aug.2) would expose 100.02 (low Jul.8) and then 99.08 (low Jun.24).