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