USD/JPY Consolidate Below 111.00

Since Wednesday’s morning trading hours, the USD/JPY has traded sideways below the 110.80 level. The rate faces a resistance zone from 110.80 to 111.00. In the meantime, the support of the 55-hour simple moving average had caught up with the rate.

In the case of the 55-hour simple moving average providing support and causing a surge, the rate could pierce the resistance of the 110.80 to 111.00 zone. The following surge might reach for the resistance of the weekly R3 simple pivot point at 111.68 and afterward the 112.00 marks.

On the other hand, if the 55-hour SMA fails, the rate could decline to the support of the weekly R1 simple pivot point at 110.24 and the 100-hour simple moving average.

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