USD/JPY hits fresh daily lows, but holds onto weekly gains

USD/JPY came under renewed pressure during the New York session and hit fresh lows as the dollar weakened further on the back of disappointing economic data.

USD/JPY resumed the slide and fell through the 100-hour SMA to hit a low of 108.60 in recent dealings. At time of writing, the pair was trading at 108.75, down 0.55% on the day but still on track to post a weekly gain of around 0.77%.

USD/JPY levels to watch

In terms of technical levels, next supports are seen at 108.50 (Apr 13 low), 107.86 (Apr 12 low) and 107.62 (2016 low, Apr 11). On the flip side, resistances line up at 109.72 (Apr 15 high), 109.89 (Apr 7 high) and 110.63 (Apr 6 high).