Yesterday, the USD/JPY currency pair declined to the weekly S1 at 109.71. During Thursday morning, the pair declined below the given level.
On the one hand, the exchange rate could continue to trade downwards within the following trading session. Note that the rate could gain support of the monthly R1 at 109.47.
If the given support level holds, it is likely that a reversal north could occur in the nearest future. However, if the weekly S1 holds, it is likely that the US Dollar could consolidate against the Japanese Yen in the short run
