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    USD/JPY: Upside capped by 102.75 amid negative equities

    The recovery mode lost pace near 102.80 region, driving the USD/JPY pair lower towards 102.50 levels, before recovering some ground to now waver around 102.70.USD/JPY hovers below 5-DMA at 102.75The dollar-yen pair continues its struggle below 5-DMA barrier and hovers in a slim range as the recovery lacks follow-through amid deteriorating risk sentiment after the European stocks turned negative this Monday. At the time of writing, USD/JPY trades 0.19% higher at102.66, while the pan-European benchmark, the Euro Stoxx 50 drops -0.25%.However, the downside remains capped amid broad based USD rebound, correcting heavy losses booked on Friday. Next of relevance for the major remains the US factory orders lined up for release tomorrow ahead of Wednesday’s FOMC minutes. Meanwhile, the sentiment around the European stocks will drive the yen markets amid thin trades as the US markets remain closed today in observance of Independence Day.USD/JPY Technical levels to watchIn terms of technicals , the immediate resistance is located at 102.93/103 (10-DMA/ round figure). A break above the last, the major could test 103.33/41 (Jun 30 & Jul 1 High). While to the downside, the immediate support is seen at 102.54/43 (Daily pivot & Low) and below that at 102.15 (Jun 29 Low).

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