On Thursday, the USD/JPY currency pair dropped to the 109.00 level. During today’s morning, the pair was testing the support formed by the weekly S2 at 108.58.
If the given level holds, it is likely that a reversal north could occur in the nearest future. In this case the exchange rate could try to breach the Fibo 50.00% at 109.58.
If the given level does not hold, the currency pair could continue to go downwards in the nearest future. Note that the nearest support level—the weekly S2, is located at 107.50.