Yesterday, the USD/JPY currency pair dropped to the support level formed by the Fibonacci 50.00% retracement at 109.58. During Friday’s morning, the pair was trying to surpass the given support.
If it holds, a reversal north could occur within the following trading hours. However, note, that the exchange rate is pressured by the resistance cluster formed by the 55-, 100-, and 200-hour SMAs, as well the weekly PP and the monthly S2 in the 109.77/110.13 range.
It is unlikely case, that bears could continue to prevail in the market, and the rate could decline lower than 109.12 mark due to the support of the monthly S3.
