USD/JPY technical analysis: Greenback off monthly lows, parked below the 108.00 figure

• USD/JPY is off the monthly lows as bulls are challenging the 108.00 figure.
• The levels to beat for buyers are at 108.03 and 108.27.

USD/JPY daily chart

 
USD/JPY is up on the day as the market is trading below its main SMAs. The market is trading just below the 108.00 figure.

USD/JPY 4-hour chart

 
USD/JPY is trading below the main SMAs as the market is rebounding from the monthly lows. Bears need to break below 107.83 to reach 107.20 on the way down, according to the Technical Confluences Indicator. 

USD/JPY 30-minute chart

 
USD/JPY is trading above its main SMAs suggesting bullish momentum in the near term. Dollar bulls would need to overcome 108.03 to reach 108.27 resistance. 

Additional key levels