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USD/JPY stops at 108.35; back to 108.00

FXStreet (San Francisco) - The US dollar's rally from 107.10 versus the Japanese Yen found buying interest at 108.35 where the pair was launched to trade back at 108.00.

Currently, USD/JPY is trading at 108.14, up 0.94% on the day, having posted a daily high at 108.37 and low at 107.10. USD/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

USD/JPY sentiment

According to Adam Button from ForexLive, the yen "is weak right across the board on stocks but also on reports of more potential easing in Japan and fears of "greater risk of inflation falling below 1% in Japan."

If the pair holds above 108.00, it will face next resistances at 108.35, 108.75 and 109.00. The USD/JPY will find supports to the downside at 108.00, 107.40 and 107.10.

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