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USD/JPY fails to rally above 108.00

FXStreet (Córdoba) - The yen remains strong in the currency market amid risk aversion but against the US dollar continues to move in ranges. USD/JPY climbed momentarily above 108.00 but failed to hold and pulled back.

After Wall Street opening bell the pair trades at 107.80, at the same level it had at the beginning of the day.

USD/JPY rangebound, consolidating weekly losses

Yesterday the pair bottomed at 107.51 (3-week low) and since then it has been moving sideways with resistance below 108.20 and support at 107.60. To the upside, greenback was unable to consolidate above 108.00.

The pair is headed toward the first weekly decline since early August and the worst since January. On Monday it was trading around 109.70 and then made a bearish correction, of more than 200 pips.

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