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    USD/JPY - Bears penetrate 101.00 handle

    Heightened risk-off due to slide in Cable continues to strengthen the bid tone around Yen. At the time of writing, the USD/JPY pair was trading around 100.95 levels.Eyes 50% Fibo of 2011 low – 2015 highThe spot appears on track to test 100.71, which is the 50% Fib retracement of the rally from 2011 low to 2015 high. This is the pair’s third straight session of losses. The corrective rally from the post Brexit vote low of 99 ran out of steam at a high of 103.40 last week.The bird traded at 101.76 in Asia before Cable led risk aversion increased demand for Yen. European data docket is thin; hence the pair remains at the mercy of the broader market sentiment.USD/JPY Technical LevelsA breakdown of support at 100.71 (50% of 2011 low-2015 high) would expose psychological level of 100, under which the pair could re-test post Brexit low of 99.00. On the other side, a break above 101.40 (June 27 low) could see the pair re-test 102 (zero figure). A break higher would expose last week’s high of 103.40.


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