The U.S dollar continues to sink lower against the Japanese yen currency, with price-action trading as low as 108.80 during early Thursday trading. The USDJPY pairs fast decline is largely due to the depreciating value of the greenback, with the U.S dollar index now trading around the 88.80 level, marking downside levels not seen in well over three-years. Traders will now turn their attention to key levels on the U.S dollar index, U.S Trade Balance Figures and the release of the Bank of Japan Meeting Minutes later this evening.
The USDJPY pair is further bearish while trading below the 108.98 technical level, further selling towards 108.60 and 107.32 seems likely.
If USDJPY buyers can push price-action back above the 108.98 level, a relief-rally towards 109.58 and 110.00 may occur.
