The 108.80 level did not manage to provide support to the USD/JPY currency exchange rate during Thursday’s and Friday’s trading hours. On Friday morning, the rate clearly passed below the 108.80 level, as the 108.70 mark was touched.
In the near term future, the decline of the rate could reach the 108.60 level, which reversed the highly volatile Wednesday’s decline. If the 108.60 level gets passed, the weekly S1 simple pivot point at 108.56 would immediately provide support. A potential decline below these levels could reach the 50.00% Fibonacci retracement level at 108.35.
On the other hand, a potential surge could find resistance in the 55, 100 and 200-hour simple moving averages in the 109.00/109.10 range and the 109.00 mark.
