USD/JPY struggles around 100-day SMA

The dollar has moved higher versus most competitors on Monday, amid thin trading conditions, as it managed to shrugged off a below expectations jobs report. Last Friday, nonfarm payrolls showed US economy added 156,000 new jobs in September, the smallest gain since May, missing expectations of a 175,000 increase.

USD/JPY started the day on the back foot but found support at the 102.80 and started to move higher amid broad dollar strength, having climbed to a peak of 103.67 in recent dealings. The pair was last trading at 103.59, up 0.64% on the day, challenging the 100-day SMA that acts as dynamic resistance.

USD/JPY levels to watch

In terms of technical levels, if USD/JPY breaks above the 100-day SMA, next resistances could be found at 104.15 (Oct 6 high), 104.30 (Sep 2 high), 105.00 (psychological level) and 105.56 (Jul 29 high). On the other hand, supports are seen at 102.79 (Oct 10 low), 102.65 (Oct 5 low) and then 102.19 (10-day SMA).