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USD/JPY drops briefly below 108.00

FXStreet (Córdoba) - USD/JPY dipped back below 108.00 during the European session after the latest recovery attempt was capped by the 108.55 zone earlier on the day.

USD/JPY has been on the back foot this week as investors take profit following a long, sharp rally propelled by diverging monetary policy between the Federal Reserve and the Bank of Japan. USD/JPY peaked at the 110.10 area last week and begun a correction that has extended to a 3-week low of 107.74 today.

At time of writing, USD/JPY is trading at 108.10, recording a 0.09% gain on the day, as investors gear up for the FOMC minutes.

USD/JPY levels to watch

As for technical levels, USD/JPY could find next resistances at 108.52 (intraday high/20-day SMA), 109.00 (psychological level) and 109.22 (Oct 7 high). On the other hand, supports are seen at 107.74 (intraday low), 107.08 (Sept 17 low) and 107.00 (psychological level).

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