Since the middle of Tuesday’s trading, the USD/JPY has been trading in limbo around the 110.50 level. The rate has been kept down by the 55 and 200-hour simple moving averages. In the meantime, support was being provided by the 110.45 level.
In the case that the rate declines, it could reach the 110.00 level. Note that the 110.00 level was being strengthened by the weekly S1 simple pivot point.
On the other hand, the rate could pass the resistance of the weekly simple pivot point at 110.56, the 55 and 200-hour simple moving averages near 110.60, and the 100-hour SMA at 110.67. If these levels are passed, the pair could reach for the June high levels above the 111.00 mark.
