On Thursday, the USD/JPY currency exchange rate passed the support of the 108.80 level. It occurred, as the 55-hour simple moving average approached the rate from above.
In the near term future, the rate was expected to decline. A potential decline could find support in the 108.50 level, the 50.00% Fibonacci retracement level at 108.35 and afterwards in the weekly S2 simple pivot point at 108.06. The rate could find support and trade sideways above any of these levels until the 55-hour simple moving average catches up with the rate.
