USD/JPY drops below 110.00

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Source: Dukascopy Bank SA


At mid-day on Tuesday, the USD/JPY passed the support of the 200-hour simple moving average, which kept the rate up since the middle of Friday.

During the day's US trading hours, the rate was finding support in technical levels near 109.80. Support was being provided by the weekly S1 simple pivot point at 109.76 and the 61.80% Fibonacci retracement level at 109.83.

In the case of the support levels holding, the pair should test the resistance of the 110.00 level. If this level fails to hold, the 200-hour SMA could provide resistance. In addition, note the cluster of technical levels in the 110.37/110.54 zone.

On the other hand, a potential decline would have no support as low as the 109.20/109.40 zone. This zone provided resistance and support throughout March.
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