USDJPY Analysis: Allays near 109.00
|USD/JPY managed to remain steady during the previous session, thus showing that the strong upside momentum that prevailed earlier this week has allayed.
The US Dollar peaked at the weekly R3 and the 50.0% Fibonacci retracement near 109.00, went for a minor decline but nevertheless returned near this mark on Wednesday morning.
It is expected that this session is dominated by bears that should send the pair closer to the 55-hour SMA and the monthly R2 at 108.60. Despite lack of fundamental releases, this are should surrender, thus paving the way for the Greenback to approach the 38.20% Fibo retracement, the 100-hour SMA and the weekly R1 at 108.00.
In case the 55-hour SMA holds strong, the rate should not surpass the 109.50 mark.
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