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USD/JPY Analysis: Could Depreciate To 110.00

During Thursday’s trading session, the currency exchange rate traded sideways to end the trading day at 110.60. On Friday morning, the rate was located at the monthly pivot point at the 110.53 mark.

In regards to the near-term future, most likely, the rate will pass through the support level of the weekly S2 at 110.40 to depreciate to the weekly S3 at the 109.91 mark. It is expected that the rate will end the trading session at the 110.00 level.

On the other hand, the support level of the weekly S2 at 110.40 might support the rate to push it to trade sideways at 110.60.

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