USD/JPY analysis: Respects resistance at 109.60
|USD/JPY
On Wednesday morning, the USD/JPY currency pair bounced off the resistance of the 109.60 level. Previously, during night hours, the rate ended a decline by finding support in the September and August low level at 109.12.
In the near term future, the rate had two possible scenarios. The pair could either pass the resistance of the 109.60 zone or bounce off it.
In the case of a passing of the resistance zone, the pair would almost immediately encounter resistance, as the 200-hour simple moving average was located at 109.70 and the weekly simple pivot point was at 109.77.
On the other hand, a decline might look for support in the 55-hour SMA at 109.46, the weekly S1 simple pivot point at 109.37 and afterwards the summer low level at 109.12.
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