USD/JPY Price Analysis: US dollar extends losses vs. Japanese yen, trades near 108.00 figure

 

 

USD/JPY is retreating down from monthly tops as the spot is challenging the 200 SMA on the daily chart. 

 

 

USD/JPY declined to the 10.800 figure below the 50 and 200 SMAs. Bulls want to generate a bounce but a break above 109.24 would be needed as confirmation. On the other hand, sellers will take advantage of the negative momentum to break below the 108.00/107.60 support zone en route towards the 106.88 level, according to the Technical Confluences Indicator.