The bulls struggle to take on the recovery from multi-month lows beyond 108.30 levels, despite rallying Japanese stocks, as a lack of fresh fundamental drivers dampen the sentiment around USD/JPY somewhat. USD/JPY: Yen retreats from 17-month highs The USD/JPY pair failed several attempts to the upside and now consolidates in a tight range above 5-DMA, as the yen continues to correct yesterday’s extensive rally to fresh seventeen-month highs against its American counterpart. At the time of writing, USD/JPY hovers around 108.20, moving-off highs reached at 108.28, still up +0.23% on the day. However, the dollar-yen pair finds some support from higher Japanese equities, although the recovery lacks follow-through in absence of significant market moving drivers this session. Looking ahead, the major is likely to track the sentiment on the global equities and oil markets ahead of the US import prices data due later in the NY session and the Chinese trade numbers due to be reported in the Asian hours tomorrow. USD/JPY Technical levels to watch In terms of technicals, the immediate resistance is located at 108.44/50 (Apr 11 High/ round number). A break above the last, the major could test 109/109.11 (Apr 8 High). While to the downside, the immediate support is seen at 108 (psychological levels) and below that at 107.65 (multi-month lows). For more information, read our latest forex news.