USD/JPY consolidates gains around 102.50

USD/JPY extended gains on Monday, as a stronger-than-expected US nonfarm payrolls report last Friday kept hopes of another rate hike by the Fed alive, lifting the dollar.

USD/JPY has risen more than 150 pips since jobs data was released, hitting its highest level in almost a week at 102.64. However, the greenback faltered just ahead of the 10-day SMA, and it was last trading at 102.52, up 0.73% since Friday’s close. 

USD/JPY technical levels

In terms of technical levels, next resistances line up at 102.73 (10-day SMA), 102.82 (Aug 2 high) and 104.00/10 (psychological level/20-day SMA). On the flip side, supports are seen at 101.85 (Aug 8 low), 100.67 (Aug 2 low), 100.53 (Jul 11 low) and 99.98 (Jul 8 low).