March 26, 2023

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USD/JPY looks towards 108.00 as sellers look to forge the next leg lower

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USD/JPY falls to a low of 108.16 on the day as the dollar slides

USD/JPY D1 19-04
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It is all about the technicals and flows right now, as the dollar is losing ground across multiple avenues in that regard. The break above 1.2000 for EUR/USD is a key moment but USD/JPY is also seeing support at 108.34-41 give way, opening the path towards 108.00.

Sellers are firmly in control as price action keeps below 108.34-41 and there a breach below 108.00 sets the stage for the next leg lower, though there is still some support from the 38.2 retracement level @ 107.77.

That said, if the dollar is crumbling across the board, then that shouldn’t prove to be too much resistance for sellers to chase a further drop if they are able to breach 108.00.


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