At mid-day on Tuesday, the USD/JPY currency exchange rate passed the resistance of the weekly simple pivot point and the 100 and 200-hour simple moving averages in the 109.92/109.95 zone. However, the rate’s attempts at surging higher were immediately stopped by the 110.00 mark.
If the rate manages to passed the resistance of the 110.00 level, the pair could reach for the 110.24 level, where the weekly R1 simple pivot point would provide resistance. In addition, the zone that surrounds the pivot point kept the rate down during August.
On the other hand, a potential decline would look for support first in the 100 and 200-hour SMAs and the weekly simple pivot point. Afterwards, the 55-hour SMA at 109.84 might keep the pair up.
