The decline of the USD/JPY reached below the 109.40 level, where it found support in the 109.33/109.36 zone. During Tuesday’s trading hours, the rate had recovered and reached the resistance of the 55-hour simple moving average near 106.70.
If the 55-hour SMA provides enough resistance, the pair could once again test the 109.33/109.36 zone’s support. If the would be passed, the pair could reach for the 200-hour simple moving average near 109.20.
On the other hand, a surge above the SMA could eventually reach the 110.20 level and make another attempt at breaking it.
