During Wednesday’s trading session, the currency exchange rate broke the previously drawn pattern to end the day at 111.30. On Thursday, the rate passed through the support level of the 55-hour SMA to trade at the 111.40 mark.
In regards to the near-term future, most likely, the 100-hour SMA and the support level of the weekly R1 at 111.32 mark will support the USD/JPY to trade sideways at the 111.20 level.
Note, the chart was reviewed to make changes to the previously drawn patterns.
