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USD/JPY holds near 3-week lows

FXStreet (Córdoba) - USD/JPY extended losses to a fresh 3-week low Thursday as the greenback weakened on the back of dovish Fed minutes.

USD/JPY has dropped more than 100 pips over the last session and hit a low of 107.59 before finding support. At time of writing, the pair is trading at the 107.75 zone, recording a 0.28% loss on the day.

Wednesday, FOMC minutes showed the Fed is not in a hurry to start hiking interest rates. On the data front, US weekly jobless claims are expected to rise to 294K, while August wholesale inventories climb 0.3%.

USD/JPY technical outlook

“After testing precisely 108.72 resistance, the downtrend has been renewed, heading for a break through 107.40, en route to 105.70”, said Stoyan Mihaylov, analyst at Deltastock. “Initial intraday resistance can be spotted at 107.97 and crucial on the upside is 108.72 high”.

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