The Japanese yen moved through its respective resistance levels against the USD, with the USD/JPY flexing at 108.00. The flow-driven run has left the USD/JPY eyeing the next key support level at 107.70/00, and a further grind towards this mark may be at hand, as reported by OCBC Bank.
More pain for the USD before reverting higher
“The breach of support at 108.30/40 left the USD/JPY quickly searching lower towards 108.00 before a pause.”
“Firmer supports at 107.70/80 at this point.”
“With the 10y UST yield holding lows around 1.55%, it may not be advisable to expect significant USD/JPY downside from here.”
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