At mid-day on Wednesday, the USD/JPY currency exchange rate passed the resistance of the 55 and 200-hour simple moving averages at 109.10. Previously, the rate’s decline found support in the 108.85 level, which kept the rate from declining throughout most of Tuesday.
In the near term future, the rate was expected to test the resistance of the weekly simple pivot point at 109.17 and the 100-hour simple moving average near 109.25. If the pair manages to pass these resistance levels, the USD/JPY could reach for the May high level zone at 109.70/109.80.
On the other hand, in a bearish scenario the pair would once again look for support in the 108.85 level. If this level fails to keep the rate up, a decline to the weekly S1 simple pivot point at 108.56 could occur.
