On Friday morning, the USD/JPY passed the support of the 100-hour SMA and the pivot point at 105.62. This resulted in a sharp decline that was expected to look for support first in the 200-hour SMA at 105.20 and afterwards the 105.00 mark.
If any of the mentioned support levels start a surge, the rate would test the combined resistance of the 55 and 100-hour simple moving averages and the pivot point in the 105.62/105.80 range.
On the other hand, if the USD/JPY declines below the support levels at 105.00, the rate would have no technical support as low as the pivot point at 104.36.
Written by Admin
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