Yesterday, the USD/JPY currency pair slipped to the 100-hour moving average at the 110.19 mark. During today’s morning, the pair was testing the given support.
If the given moving average holds, it is expected, that a reversal north could occur in the nearest future. However, note, that the exchange rate is pressured by the 55-hour SMA and the weekly R1, located at 110.37 and 110.51 respectively.
If the given support level does not hold, it is likely, that the rate could continue to decline. Note, that in this case the pair would be supported by the 200-hour SMA and the monthly S2 at 109.97.