The US Dollar remained in a bearish zone below the 108.00 support level against the Japanese Yen. The USD/JPY pair even traded below the 107.80 level to extend its decline.
The pair dived below the 107.20 level and settled well below the 50 hourly simple moving average. It traded as low as 106.85 on FXOpen and it is currently correcting higher.
However, there are many hurdles on the upside near the 107.50 level, the 38.2% Fib retracement level of the recent decline from the 108.53 high to 106.85 low, and a connecting bearish trend line on the hourly chart.
Besides, the 50 hourly SMA is near the 107.80 level to act as key hurdle. Therefore, the pair must surpass 107.50 and 107.80 to start a steady increase. Conversely, the pair could continue to move down below the 107.20 and 107.00 support levels.
