USD/JPY Rises Above 108.00
Yen bulls finally loosened their grip allowing for a technical correction that saw the USD/JPY pair rise above 108.00 levels.
Nears hourly 50-MA
The
spot jumped to near hourly 50-MA level of 108.32 levels before trimming
gains slightly to trade around 108.12 levels. The weakness in Yen is
also helping cross like GBP/JPY and EUR/JPY strengthen.
The
correction in JPY pairs appears to have been triggered by European
stocks, which erased early losses to trade in the positive territory.
However, it remains to be seen if the spot finally manages to take out
the hourly 50-MA hurdle, which has played a spoil sport thrice this
month.
USD/JPY Technical Levels
The
immediate hurdle is noted at 108.32 (hourly 50-MA), above which the spot
could target 109.00-109.14 (hourly 100-MA). On the other hand, a break
below 107.63 (daily low) would shift risk in favor of a drop to 107.00. A
violation there would expose 106.64 (38.2% of 2011 low-2015 high).
(Market News Provided by FXstreet)
