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USD/JPY Price Analysis: US dollar extends losses vs. Japanese yen, trades near 108.00 figure

  • USD/JPY easing from monthly tops while breaking below the 200 SMA on the four-hour chart. 
  • Support is seen in the 108.00/107.60 price zone.
 

USD/JPY daily chart

 
USD/JPY is retreating down from monthly tops as the spot is challenging the 200 SMA on the daily chart. 
 

USD/JPY four-hour chart

 
USD/JPY declined to the 10.800 figure below the 50 and 200 SMAs. Bulls want to generate a bounce but a break above 109.24 would be needed as confirmation. On the other hand, sellers will take advantage of the negative momentum to break below the 108.00/107.60 support zone en route towards the 106.88 level, according to the Technical Confluences Indicator.  
 
 
Resistance: 108.55, 109.24, 110.00
Support: 108.00, 107.60, 106.88
 
 

Additional key levels

 

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