During the previous trading session, the USD/JPY currency pair tried to surpass the resistance level formed by the 55-hour SMA and the Fibonacci 50.00% retracement at 109.58.
During Tuesday’s morning, the pair reversed south. It is likely, that some downside potential could prevail in the market. However, note, that the exchange rate has to surpass the monthly S3 at the 109.12 mark.
If the given support level holds, it is expected, that a reversal north could occur within the following trading hours. Otherwise, the pair could decline to the psychological level at 109.00.
