During early hours of Thursday’s trading, the USD/JPY ended trading sideways between two zones. The end of the consolidation was caused by the catching up of the 55-hour simple moving average from above. The SMA provided the rate with resistance, which was strong enough to push the rate through the support of the 109.60 level.
In the near term future, the rate was expected to reach and test the support zone of the 109.38/109.23 level.
If the mentioned support zone holds, the USD/JPY could trade sideways until the 55-hour SMA approaches the pair and provides additional resistance.
On the other hand, a passing of the support zone, the pair would look for support in the 109.00 level and afterwards the weekly S2 simple pivot point at 108.77.