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USD/JPY back above 108.00

FXStreet (Edinburgh) - The greenback is now resuming its upside momentum vs. the Japanese yen, pushing USD/JPY back beyond the 108.00 handle.

USD/JPY coming down from 108.40

After hitting peaks around 108.40 in late US session on Thursday, the pair sparked a correction lower to the area of 107.90/85 overnight where buying interest seemed to have returned. Nothing of relevance data wise in Japan, whereas New Home Sales will be the only release across the pond. “USD blasted through the 107.55 resistant to reach 108.34, the highest level in 2 weeks. While further up-move is not ruled out, overbought condition suggest limited upside risk for today. Expect any pull-back to hold above 107.85 but a sustained move above the next resistant at 108.50/55 is unlikely”, observed analysts at UOB Group.

USD/JPY key levels

At the moment the pair is down 0.03% at 108.21 with the next support at 107.64 (Kijun Sen) followed by 107.11 (low Oct.23) and then 106.78 (low Oct.22). On the upside, a breakout of 108.36 (high Oct.23) would expose 108.74 (high Oct.8) and finally 109.08 (61.8% of 109.91-107.75).

EUR/USD trading slightly up today close to 1.2660 - FXStreet

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