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USD/JPY extends below 107.00

FXStreet (Edinburgh) - The greenback is prolonging its intraday decline vs. the Japanese currency, dragging USD/JPY back to the area of 106.80.

USD/JPY capped around 107.40

The renewed weakness around the greenback continues to weigh on the pair at the end of the NA session on Monday, which is now losing around 60 pips since overnight tops near 107.40. In the Japanese data front, the All Industry Activity index is due tomorrow (-0.2% prev.) while Existing Home Sales is also due in the US economy. Camilla Sutton, Chief FX Strategist at Scotiabank, suggested, “we have made no change to our outlook, expecting it to trend higher, interrupted by periods of risk aversion that drives USDJPY temporarily lower. We hold a 109 USDJPY year-end forecast”.

USD/JPY levels to consider

At the moment the pair is losing 0.04% at 106.84 with the immediate support at 106.14 (low Oct.17) ahead of 105.51 (low Oct.16) and then 105.37 (daily cloud top). On the upside, a surpass of 107.39 (high Oct.20) would aim for 107.49 (high Oct.15) and finally 107.63 (high Oct.13).

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