USD/JPY clings to gains above 102.00

USD/JPY started the week on a strong note, as the greenback continued to strengthen amid renewed hopes the Fed might raise interest rates before the year end.

USD/JPY gapped higher and extended gains to a peak of 102.38, last seen Aug 9. At time of writing, USD/JPY is trading at 101.27, recording a 0.51% gain on the day.

The dollar barely moved following the release of in line with expectations personal income/spending data.  US personal spending rose a seasonally adjusted 0.3% in July, while personal income climbed 0.4%, both matching expectations.

USD/JPY levels to watch

As for technical levels, immediate resistances seen at 102.64 (Aug 8 high), 102.75 (50-day SMA) and 103.00 (psychological level). On the other hand, supports could be found at 101.82 (Aug 29 low), 101.11 (20-day SMA) and 100.60 (10-day SMA).