At GMT midnight to Thursday, the USD/JPY ended trading sideways at the 110.00 level and started a decline. During the early European trading hours, the rate had reached below the 109.80 level. Meanwhile, no support was close by as far as the July low level at 109.54.
In the case of a decline, the rate would highly likely reach the July low level at 109.54. In addition, the 109.50 marks could provide support. If these levels would be passed, the pair would have no support as low as the weekly S1 simple pivot point at 109.38.
On the other hand, a recovery of the US Dollar against the Japanese Yen would most likely face resistance first at the 110.00 marks. Afterward, the 55, 100, and 200-hour simple moving averages together with the weekly simple pivot point could provide resistance in the 110.24/110.39 zone.
