USD/JPY continues to recover

Source: Dukascopy Bank SA
The USD/JPY started a recovery at the end of the year. By middle of Thursday's trading, the recovery had reached above the resistance of the 55-hour simple moving average near 108.80. 

If the 55-hour SMA fails to keep the rate down, the pair in theory should reach for the resistance of the monthly pivot point at 108.95. Take into account that the monthly was strengthened by the S3 weekly pivot point. 

On the other hand, if the rate resumes its decline, it would aim at the support of a 38.20% Fibonacci retracement level at 108.44.
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