On Tuesday, the USD/JPY continued to fluctuate near the 109.50 level. However, the rate traded in a wide range and ignored the 55 and 100-hour simple moving averages. Namely, these indicators could not be used for guidance.
In the meantime, the 109.14 level provided the rate with support. Together with the 109.00 level the 109.14 mark make up a newly marked support zone.
If the rate continues to find support in the 109.00/109.14 zone, the rate would most likely eventually reach for and once again test the zone below the 110.00 mark and the 200-hour simple moving average.
On the other hand, the passing of the support zone could result in a decline to the weekly S1 simple pivot point at 108.87.
