Wednesday’s decline of the USD/JPY currency exchange rate continued on into Thursday’s early trading hours. By the middle of the day’s European trading hours, the pair had reached below the 110.00 mark and the weekly simple pivot point at 109.92.
A potential target for the decline was the 109.60 level, which provided the pair with support on September 3. However, the 109.70 level could also provide support, as it did on September 7.
On the other hand, any kind of recovery of the USD/JPY would face the resistance of the weekly simple pivot point at 109.92, the 100 and 200-hour SMAs near 110.00 and the 55-hour SMA at 110.17.
