On Wednesday morning, the USD/JPY currency exchange rate tested the support of the 55-hour simple moving average, the weekly R1 simple pivot point and the 110.00 mark. Future forecast were based upon whether these levels provide support.
In the case of the rate passing the support levels near the 110.00 level, the pair would most likely reach for the support of the 61.80% Fibonacci retracement level at 109.83 and the 100-hour simple moving average at 109.79. Below these levels, the 200-hour SMA might hold at 109.67.
On the other hand, a potential recovery would reach for the resistance of the 110.20 level and the weekly R2 simple pivot point at 110.23. Above these levels, the weekly R3 could provide resistance at 110.62.
