USD/JPY Continues Its Decline Once Crosses 108.00 Mark

The USD/JPY pair gained some strength to trade near a daily high of 108.54, as the US dollar took a breather after yesterday’s declines despite maintaining underlying weakness. USD/JPY needs to break 108.00 to continue the decline.

The change in market sentiment appears to be linked to the earnings reporting season as the major companies will start publishing earnings reports, spurring cautious profit-taking. On the other hand, Japan published the third Tertiary industry index data for February which came in at 0.3% compared to the previous month, better than -1.7% previously.