USD/JPY clocks two-week high on improved risk appetite

USD/JPY pair rose to a two-week high of 102.27 as improved risk appetite after OPEC oil accord and easing Deutsche Bank concerns pushed up Fed December rate hike bets.

Yen down for sixth straight session

Japanese Yen is being offered for the sixth straight session, the longest losing streak since March. Rise in oil prices and the resulting risk-on in the markets coupled with easing Deutsche Bank concerns helped the pair bottom out at 100.08 levels last week.

Furthermore, talk of foreign QE by BOJ is gathering pace as well and that seems to be just another reason to sell Yen in Asian session today. The data docket is thin today, thus the pair is at the mercy of the broader market sentiment. Focus would be on th Deutsche Bank shares, which ended with marginal losses in US on Monday.

USD/JPY Technical Levels

A break above 102.65 (Aug 8 high) would expose 102.78 (Sep 21 high) and 103.00 (zero figure) beyond which a major hurdle is noted at 103.54 (June 16 high). On the other hand, a breakdown of support at 102.00 (zero figure) could yield a move lower to 101.57 (session low). A violation there would expose 101.00 (zero figure) levels.