During the previous trading session, the USD/JPY currency pair reached the psychological level at 109.20. During Thursday’s morning, the pair was testing the weekly R1 at 109.12.
If the given support level holds, it is expected, that the exchange rate could extend gains. Note, that the rate would have to surpass the resistance cluster formed by the weekly R2, the monthly R1 and the Fibonacci 50.00% retracement in the 109.45/109.58 range.
Otherwise, it is likely, that the Greenback could depreciate against the Japanese Yen. It is unlikely, that the rate could tumble lower than the 108.70 mark due to the support of the 55– and 100-hour SMA, as well the ascending trend line.
