The USD/JPY ignored the resistance of the 55, 100 and 200-hour simple moving averages in the 109.85/109.95 zone. Moreover, the weekly simple pivot point at 109.85 provide the rate with resistance for only three hours before being passed. However, since the middle of Monday’s trading hours, the pair has been respecting the 110.00 mark.
If the pair manages to pass the resistance of the 110.00 level, the currency pair could aim at the August high level zone above the 110.20 mark. Above this zone, the weekly R1 at 110.31 is providing technical resistance.
On the other hand, a decline of the USD/JPY might look for support in the trend line, which connects the rate’s recent low levels. Below this line, the rate could look for support in round exchange rate levels before reaching the support zone at 109.42/109.50.
