OctaFX | OctaFX Forex Broker
Open trading account
Back

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).

GBP/USD potential stab to the mid-1.61s not ruled out – UOB Group

Market Strategists at UOB Group see potential for a bullish attempt to 1.6145/50, followed by another leg lower...
Read more Previous

CAC near critical support

The French equity index is trading near a critical support of 4180, after having posted a biggest two-month single day decline yesterday
Read more Next
Start livechat