The USD/JPY managed to break the resistance line, which guided it down since early February 18. However, the following surge was almost immediately stopped by the resistance of the 55-hour simple moving average.
At mid-day on Tuesday, the USD/JPY bounced off the SMA and sharply declined below the support of the 108.75/108.80 support zone, the weekly S1 simple pivot point and the 108.50 mark.
In the case of the decline continuing, the currency exchange rate could look for support in the 50.00% Fibonacci retracement level at the 108.35 level. This level provided support on March 10 and 11.
