During the previous trading day, the 200-hour simple moving average resisted the US Dollar to push the rate to pass through the most of the technical indicators. The USD/JPY ended Wednesday’s trading session at the 108.00 level.
In regards to the near-term future, most likely, the resistance levels of the simple moving averages together with the 38.20% at the 108.43 mark will retrace the rate to the 107.50 level.
However, the weekly pivot point at the 107.96 mark could support the rate to trade sideways at the 108.00 level during the day.
