The USD/JPY passed the support of the previous April low levels on Tuesday. Moreover, the currency exchange rate passed the support of the weekly S1 simple pivot point at 108.87. The decline ended with the rate finding support in 108.80.
By the middle of Wednesday’s trading, the rate had reached the resistance of the previous April low levels. If the resistance holds, the rate could resume its decline and eventually reach the 50.00% Fibonacci retracement level at 108.35.
On the other hand, the 108.80 could continue to hold and force the rate either into sideways trading or a surge up to the 55 and 100-hour simple moving averages near 109.20.
