Despite piercing the supporting trend line, the USD/JPY did not decline. The rate found support in the 109.60 level and surged. By the middle of Wednesday’s GMT trading hours, the pair had reached the 110.40 level.
In the near term future the pair could reach for the resistance of the zone that is located above the 110.50 mark. Above the 110.50, the rate might encounter resistance in the weekly R2 at 110.72.
On the other hand, a potential decline could look for support in the weekly R1 simple pivot point at 110.31 and the previous week’s high level zone near 110.25. Afterwards, a decline might find support in the 55, 100 and 200-hour simple moving averages near 110.00.
