USD/JPY stays somewhat supported near the 108.00 handle for now
Price is leaning against the trendline support from August after the move lower overnight as buyers are holding on near the 108.00 level.
A combination of a weaker dollar and softer risk mood is helping the rejection at the 61.8 retracement level as well as the 200-day MA (blue line) as the upside run from August is now seen staying right on the edge.
Further below the trendline support noted above is the 100-day MA (red line) @ 107.57 and that will be a key level to keep an eye on later today. If sellers can break below that, they will shift the bias in the pair to being more bearish once again.
Looking ahead, the focus turns towards US non-farm payrolls and the other accompanying data in the October jobs report.
I don't think labour market data will tell us much at the end of the day, but the whole idea here is to see if there is any potential surprises (upside or downside) following the Fed message two days ago. It is all about sentiment at this stage.
