The USD/JPY managed to pass the 108.55/108.65 resistance zone. On Tuesday morning, the currency exchange rate had reached the resistance of the weekly R1 simple pivot point at 109.23. After making attempts to pass it for six hours straight, the pair declined to the support of the 55-hour simple moving average.
In the near term future, the rate was expected to be pushed up by the 55-hour SMA. A potential surge could make another attempt to pass the mentioned pivot point at 109.23. Due to the support of the 55-hour SMA, a second attempt could succeed and the USD/JPY could reach the 109.50 mark.
On the other hand, if the 55-hour SMA fails to provide support, the rate would look for support in the 108.55/108.65 zone and afterwards the 50.00% Fibonacci retracement level at 108.35.
