USD/JPY has remained steady for the last three trading sessions. The main reason has been the pair’s inability to breach the strong support of the 55– and 100-hour SMAs that were located slightly below 109.00 at the time of the analysis. The overall trend, however, has been slightly upwards, as shows by the dashed line. Given that the Greenback still remains weak against the Yen, bulls might fail to breach the 109.00 area, at least during the first part of the day. This situation could change later in the session when several noteworthy fundamentals are released. A positive outcome should not exceed the 200-hour SMA at 109.67, while the opposite scenario might bring further decline for the US Dollar down to the 108.00 mark or the distant weekly S1 at 107.53.
