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    USD/JPY hovering around 102.70 amid thin liquidity conditions Haresh Menghani

    The USD/JPY pair has picked-up some strength and is now seen attempting to build on to its earlier gains to currently trade around 102.70 level. The pair is gaining traction from broadly higher Asian equity markets, which seems to extend support to the global risk-on sentiment. In the aftermath of the historic Brexit referendum global equity markets have staged a remarkable recovery after major central banks vowed to extend support to ease market turmoil.With the US markets closed on Monday, in observance of Independence Day, trading activity is likely to remain subdued. However, going forward the major is likely to turn volatile as investors now turn their focus to this week's FOMC meeting minutes and monthly US jobs report.Technical levels to watchOn the immediate downside, session lows near 102.40 area seems to provide some immediate support for the pair. Failure to hold this immediate support and a follow through selling pressure below 102.00 round figure mark is likely to turn the pair vulnerable to drift back towards 101.50-40 intermediate support before sliding further below 101.00 handle towards testing its next major support near the very important 100.00 psychological mark.Alternatively, sustained momentum above 103.00 round figure mark has the potential to boost the pair immediately towards 103.50 resistance, above which the pair seems all set to head back beyond 104.00 level, towards testing its next major resistance near 104.55-65 area.

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