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USD/JPY Is Supported By 200-Hour SMA

During the previous trading session, the USD/JPY passed through the support level of the weekly R1 at 110.51. On Friday morning, the 200-hour simple moving average supported the rate to push it to trade at the 110.38 mark.

In regards to the near-term future, it is expected that the currency exchange rate will trade sideways to stay at the 110.20 level during the day.

However, the 200-hour simple moving average could give additional support to the rate to break the resistance of the weekly R1 to trade at the 110.60 level.

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