USD/JPY choppy near 108.30, Fedspeak on sight

USD/JPY remains in a consolidative pattern in the low-108.00s for the time being, slightly rebounding from recent multi-month troughs near 107.60.

USD/JPY attention to Fedspeak 

In spite of today’s recovery, the pair remains under pressure against the backdrop of a broad-based weakness around the greenback and rising scepticism surrounding the ability of the BoJ to incur in further easing in order to weaken the Japanese currency.

In the meantime today’s speeches by Fed’s Harker, Williams and Lacker will keep investors entertained amidst rising speculations of the timing of a potential rate hike by the Fed.

USD/JPY levels to watch

As of writing the pair is advancing 0.34% at 108.31 and a break above 111.04 (20-day sma) would open the door to 113.27 (55-day sma) and then 113.81 (high Mar.31). On the other hand, the next support lines up at 107.65 (2016 low Apr.11) followed by 105.18 (monthly low Oct.2014) and finally 100.74 (monthly low Feb.4 2014).