Can USD/JPY break the glass ceiling?
Price is hovering between the 107.70-80 levels currently with the earlier retracement high being at 107.87. The key level in the near-term here is the glass ceiling at 108.00. If price shoots above that, it builds a strong conviction for a recovery back towards the 109.00 handle.
US equity futures are still trading tepidly with E-minis down by 1.3%. Nasdaq futures are down by 2.5% still on the day currently. But so far, that's not stopping USD/JPY from attempting a move higher on the day.
Right now, the 76.4 retracement level comes into play once again and the 108.00 handle is key in that regard. There is some mention of the earlier moves being overdone/exacerbated by thin liquidity and worries about potential BOJ intervention so let's see how much traders can factor that in further into the price here.
