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USD/JPY back below 108.00

FXStreet (Edinburgh) - The greenback is now losing the grip again vs. the Japanese currency, pushing USD/JPY back to sub-108.00 levels.

USD/JPY focus on the BoJ minutes

Choppy trade for the pair today, with the US dollar now looking to revert the softer tone that prevailed in recent sessions, allowing a climb to levels just above the psychological 110.00 handle. A dovish tone from the FOMC minutes on Wednesday saw spot dropping a big number from the 108.80 region to session troughs near 107.80. Moving towards tomorrow’s docket, the BoJ will publish its minutes from the last meeting followed by the key Tertiary Industry index for the month of August. Dmytro Bondar, Technical Analyst at RBS, noted, “we still may have a few corrections from 109.88, with support at 108.00 and 107.48, offering buying levels to 112.00 / 112.60 and above targets”.

USD/JPY levels to consider

As of writing the pair is retreating 0.20% at 107.86 facing the next support at 107.39 (Kijun Sen) followed by 107.10 (low Sep.17) and finally 106.81 (low Sep.16). On the upside, a break above 108.32 (high Oct.9) would open the door to 108.74 (high Oct.8) and then 108.81 (Tenkan Sen).

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