Since mid-day on Tuesday, the USD/JPY traded sideways between the support of the 109.60/109.67 zone and the resistance of the 109.91/109.94 zone. Between these two zones, the rate ignored the 61.80% Fibonacci retracement level and the weekly S1 simple pivot point.
In the case of the rate passing the resistance of the 109.91/109.94 zone, the pair could reach for the 55-hour simple moving average at 110.13, the 200-hour SMA at 110.23 and afterwards the weekly simple pivot point and the 100-hour SMA at 110.37.
On the other hand, the rate could end the sideways trading by passing the support of the 109.60 level. In this scenario, the pair would look for support in the mid-March high level zone at 109.38/109.23.
