After making attempts to pass the August high levels near 110.20, the USD/JPY currency exchange rate retreated on Friday. On Monday, the rate traded below the resistance of three hourly simple moving average and the weekly simple pivot point at 109.86.
In the case that the 55 and 100-hourly simple moving averages decline, the USD could lose value against the Japanese Yen. A move downwards would most likely look for support in the support zone at 109.42/109.50.
However, a recovery of the rate would have to pass the resistance of the weekly simple pivot point at 109.86, the 200-hour simple moving average at 109.85. Afterwards, the 100-hour SMA at 109.91 and the 55-hour SMA at 109.98 could provide resistance.
