Yen bulls finally loosened their grip allowing for a technical correction that saw the USD/JPY pair rise above 108.00 levels. Nears hourly 50-MA The spot jumped to near hourly 50-MA level of 108.32 levels before trimming gains slightly to trade around 108.12 levels. The weakness in Yen is also helping cross like GBP/JPY and EUR/JPY strengthen. The correction in JPY pairs appears to have been triggered by European stocks, which erased early losses to trade in the positive territory. However, it remains to be seen if the spot finally manages to take out the hourly 50-MA hurdle, which has played a spoil sport thrice this month. USD/JPY Technical Levels The immediate hurdle is noted at 108.32 (hourly 50-MA), above which the spot could target 109.00-109.14 (hourly 100-MA). On the other hand, a break below 107.63 (daily low) would shift risk in favor of a drop to 107.00. A violation there would expose 106.64 (38.2% of 2011 low-2015 high). For more information, read our latest forex news.