The greenback has gathered further steam vs. the Japanese currency on Monday, sending USD/JPY to test the area near 108.80. USD/JPY bounces off 108.00 The initial risk-off sentiment following the fiasco at the meeting between oil-producers in Doha sent spot lower early in the Asian session, although it has later managed to pick up pace and recover the upper end of the range in the 108.80 area along with a recovery in USD. In the data space, the USA NAHB index has come in at 58 for the month of April, a tad lower than the 59 expected. Previously New Yor Fed W.Dudley remained confident that inflation could return to the 2% target over next few years, while he once again advocated for a cautious adjustment in monetary policy. USD/JPY levels to watch As of writing the pair is retreating 0.14% at 108.63 and a breach of 107.65 (2016 low Apr.12) would open the door to 105.18 (monthly low Oct.2014) and then 100.74 (monthly low Feb.4 2014). On the other hand, the next up barrier aligns at 109.73 (high Apr.15) followed by 110.48 (20-day sma) and finally 112.45 (55-day sma). For more information, read our latest forex news.