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USD/JPY recoups ground but lacks momentum

FXStreet (Córdoba) - USD/JPY bounced from fresh daily lows and regained the 108 mark following another round of more supportive US data.

US consumer confidence index rose to 94.5 in October versus 87 expected. Meanwhile, the Richmond Fed manufacturing index rose to 20 in October against 14 printed the previous month.

USD/JPY extended its recovery from a low of 107.68 but stalled a few pips ahead of previous daily highs. At time of writing, the pair is trading at the 108.05 zone, 0.23% above its opening price.

USD/JPY technical levels

In terms of technical levels, USD/JPY could find immediate resistances at 108.16 (Oct 28 high), 108.33 (Oct 27 high) and 108.73 (Oct 8 high). On the flip side, supports are seen at 107.58 (Oct 27 low), 107.38 (Oct 20 high) and 107.14 (10-day SMA).

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