Many USD/JPY Sell Orders Above 108

Forex News USD/JPY hovering around 107.90; rising above 108 "may be difficult" since there are "so many" selling orders from Japanese exporters, U.S. securities firms, says senior sales dealer at major Japan bank. Last 107.89 on EBS. Adds even if it rises above 108, selling orders lined up until 108.50, so ascent would be slow. Stop-loss buying orders above 108.50, unlikely to be breached in global day. If triggered, pair may rise to 108.75.