The USD/JPY declined on Tuesday. The decline reached down to the 109.60 level and the weekly S1 simple pivot point at 109.58. Afterwards, a recovery started, which by the middle of Wednesday’s trading had reached the resistance of the 110.00 mark.
In the case that the rate passes the resistance of the 110.00 level, it would face a cluster of technical resistance from 110.04 to 110.19. The cluster consists of 55, 100 and 200-hour simple moving averages and the weekly simple pivot point. Above these levels, the July high at 110.60 could be the next target.
On the other hand, a bounce off from the resistance levels would once again look for support in the 109.60 level and the weekly S1 simple pivot point at 109.58.
