During the previous trading session, the USD/JPY currency pair tried to surpass the resistance level formed by the Fibonacci 50.00% retracement at 109.58. During Wednesday’s morning, the pair was trading near the support level—the monthly S3 at 109.12.
From the one hand, it is likely, that the exchange rate could trade sideways between the given support and resistance in the nearest future.
However, note, that the rate is pressured by the 55– and 100-hour SMAs, located circa 109.50. Thus, if the given support doe not hold, it is expected, that the pair could reach the 109.00 level.
