On Tuesday morning, the USD/JPY currency exchange rate plummeted, as the rate passed the support of the 109.00 level. Moreover, the pair broke the channel down pattern, which guided the pair down since May 13.
In regards to the future, the rate had no technical support. Namely, the USD/JPY could decline as low as the weekly S1 simple pivot point at 108.56 due to not having any close by technical support levels.
On the other hand, the pair could consolidate by trading sideways until the 55, 100 and 200-hour simple moving averages approach the rate from above and push it down.
