Since Monday’s trading hours, the USD/JPY currency exchange rate has been fluctuating above the 110.50 marks. By large, the situation had not changed, as the rate remained between the support cluster near 110.50 and the resistance of the 55 and 100-hour simple moving averages.
In the near term future, the pair was expected to get squeezed in between the resistance and support levels. In theory, it should result in a breakout either up or down.
If the pair passes the resistance of the 55 and 100-hour simple moving averages, the rate would most likely reach the last week’s high-level zone from 111.00 to 111.11.
On the other hand, a possible decline below the support of the weekly simple pivot point, the 200-hour SMA, and the last week’s low level in the 110.56/110.49 zone could result in a decline to the 110.00 marks. Note that the 110.00 marks was being strengthened by the weekly S1 simple pivot point.
