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USD/JPY approaches daily highs

FXStreet (Córdoba) - USD/JPY traded momentarily below 108.00 during the European session but rebounded sharply at 107.81 and bounced back above. Ahead of the beginning of trading in Wall Street, Greenback is gaining momentum across the board pushing USD/JPY toward daily highs.

Currently trades at 108.30/35, 30 pips above yesterday’s closing price, moving with a slightly bullish bias in the short term. On Asian hours the pair peaked at 108.52, after rallying 80 pips from 107.74, the lowest price in three weeks.

Short term levels to watch

To the downside, the key support for the coming hours could be located around 107.70/80, area that capped the downside several times today. To the upside, the recovery lost momentum at 108.50; a break higher could boost the pair.

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