The USD/JPY currency exchange rate failed to even reach the 110.00 level on Wednesday. The pair encountered resistance already at 109.88. Afterwards, the pair retraced down to the weekly simple pivot point at 109.56, which provided support.
By the middle of Thursday’s trading, the rate had recovered and was expected to make another attempt to pass the resistance zone below the 110.00 mark.
In the case of the rate passing the 109.88/109.95 resistance zone, the 110.00 mark would immediately provide resistance. If the 110.00 is broken, the 110.20 would most likely provide resistance. A scenario, in which all of these levels are passed, could result in the rate reaching the weekly R1 simple pivot point at 110.55.
On the other hand, a potential decline would look for support in the 55 and 100-hour SMAs and the weekly simple pivot point in the 109.55/109.66 range. Below this range, the June low levels and the 200-hour SMA could provide support in the 109.33/109.36 zone.
