USD/JPY hovers below 110.00

USD/JPY failed to hold above the 110 mark and retraced some of its recent gains on Thursday, as the dollar takes a breather following a steep rally triggered by FOMC minutes on Wednesday.

USD/JPY pulled back from a peak of 110.37, last seen Apr 28, with a string of disappointing US data also weighing. However, the pullback was contained by the 109.70 zone and the pair was confined to a range bound phase. At time of writing, the pair is trading at 109.83, recording a 0.32% loss on the day.

USD/JPY levels to watch

As for technical levels, next resistances are seen at 110.37 (May 19 high) and 111.87 (Apr 28 high). On the other hand, supports could be found at 108.83 (21-day SMA), 108.45 (May 16 low) and 108.22 (May 12 low).