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USD/JPY supported around 108.40

FXStreet (Edinburgh) - The greenback is trading on a softer camp on Thursday, allowing USD/JPY to test lows in the 108.40 region.

USD/JPY remains well bid

Despite today’s intraday correction – which would follow USD profit taking sentiment – spot keeps the buying interest alive, amidst increasing expectations on tomorrow’s US Payrolls (215K exp.). Market strategists at UOB Group commented, “the sharp drop after the fresh high of 110.07 was unexpected. The down-move appears incomplete and could extend towards 108.45/50. Only a break above 10.45/50 would indicate a stronger rebound towards 109.90”.

USD/JPY levels to consider

As of writing the pair is losing 0.15% at 108.75 with the next support at 108.25 (low Sep.23) followed by 107.10 (low Sep.17) and then 106.81 (low Sep.16). On the flip side, a breakout of 109.12 (high Oct.2) would open the door to 109.13 (low Sep.29) and finally 109.17 (Tenkan Sen).

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