On Friday morning London trading hours, the USD/JPY reached below the 108.00 level. The event signaled that the decline of the pair can be expected to continue. In that case the next technical support level should be reached. The next support is the weekly S2 simple pivot point at 107.65 level.
On the other hand, as the pair has experienced big losses during the week, it could consolidate by piercing the S1 pivot point’s resistance at 108.17 and surging to a 38.20% Fibonacci retracement level at 108.44.
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