February 9, 2023

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USD/JPY tests waters below 108.00 again as dollar sees some light pressure

1 min read


Dollar nudged a touch lower to start the session

USD/JPY D1 22-04

That pushes USD/JPY to a low of 107.86 on the day as the pair stays in the hunt of a ninth consecutive day of declines, treading water just below 108.00 for now.

The figure level offers some semblance of psychological support on the daily and a firm crack below that may open up a slippery slope for the pair to explore further downside momentum in the days/week(s) ahead.

That said, there is still some key support just below the 108.00 handle with the confluence of the trendline support this year and the 38.2 retracement level seen @ 107.76-82.

As such, sellers will also need to breach that to accelerate any downside push or else buyers may still be in with a shout until that region gives way.

For today, bear in mind that there are large option expiries seen at 108.00 and 108.30-40 for the pair that could still offer some stickiness. But amid pressure on the dollar and lower Treasury yields, those factors may override the expiries board.

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