USD/JPY: bears about but bulls fighting back to101.80 resistance

USD/JPY is en route to the 102 handle, but the price action is not convincing and nor is the fundamental backdrop in respect of the US economy.

Williams came out and said that the US was heading in the right direction even after we witnessed ISM non-manafactiring at the worst levels in six years, for example, and he even went on to say that every meeting was live including September. 

BoJ: now, there's one central bank more ludicrous than the Fed

The market is starting to ignore such mantra and the dollar is beginning to feel the pain, starting to also wake up to the elephant in the BoJ's board room as well.

USD/JPY is starting to lose traction in the low 100's and September's rally is almost fully compromised with orce heading below 101.20 yesterday and barely recovering overnight and unable to breach clear of the 101.80 resistance level. 

USD/JPY levels

With spot trading at 101.81, we can see next resistance ahead at 101.93 (Daily High), 102.15 (Yesterday's High), 102.16 (Daily 20 SMA), 102.19 (Daily Classic R1) and 102.40 (Weekly Classic S1). Support below can be found at 101.76 (Hourly 20 EMA), 101.74 (Weekly Low), 101.74 (Daily Open), 101.70 (Daily Classic PP) and 101.64 (Daily Low).