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USD/JPY can't hold above 107.00 and falls to 106.60

FXStreet (San Francisco) - After reaching fresh highs since September 2008 at 107.15, USD/JPY found selling interest at this area as the pair was unable to maintain the 107.00 figure and it's trading now back around 106.60.

Currently, USD/JPY is trading at 106.74, down 0.10% on the day, having posted a daily high at 107.15 and low at 106.60. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index also is neutral.

USD/JPY sentiment

"Exporter and option related offers are still intact up to 107.20," comments Matt Bacon-Hall from FXBeat. "As someone who has had the misfortune of trading spot USD/JPY for years this is fairly typical."

"Overall the market is bid yet the offers on the way up can be quiet large and frequent."

"More offers lie 107.40-50, whilst bids commence at 106.90 from intra day players," concludes Matt. On the downside, next supports lies at 106.60 ahead of 106.40 and 106.00.

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