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USD/JPY struggles to hold above 108.00

FXStreet (Córdoba) - USD/JPY recovered after falling to daily lows sub-108.00 and trimmed intraday losses in the last minutes.

USD/JPY briefly dropped below the 108 mark and scored a low of 107.77 but quickly found buyers and climbed back to the 108.15 zone. However, the pair lost momentum before reaching daily highs and entered a sideways phase. At time of writing, USD/JPY is trading at 108.05, still 0.18% below its opening price

USD/JPY levels to watch

In terms of technical levels, USD/JPY could find immediate resistances at 108.35 (Oct 23 high), 108.73 (Oct 8 high) and 109.00 (psychological level). On the flip side, supports are seen at 107.77 (intraday low), 107.09 (Oct 23 low) and 107.00 (psychological level).

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Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that USD/JPY is flat to yesterday’s close; having rallied up above 108 during yesterday’s North American session.
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EUR/JPY testing grounds in the 137 zone

EUR/JPY is trading at 136.94, up 0.01% on the day, having posted a daily high at 137.10 and low at 136.49.
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