USD/JPY continues to decline

Source: Dukascopy Bank SA
The US Dollar had extended its decline against the Japanese Yen on Wednesday. 

In general, the pair was heading for the support of the weekly S2 at the 110.23 level. That level should be reached during this trading session. If the S2 gets passed easily, the rate will head next to the weekly S3 at 110.00. 

However, the simple moving averages would be left too far above the current rate, which would indicate that the rate is oversold.
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