Forex: USD/JPY meets weekly S1 at 1.10 mark

The US Dollar depreciated 0.42% against the Japanese Yen since Thursday’s session. The rate was located at the 110.70 mark, trying to recover itself during Friday’s morning hours.

In regards to the near future, most likely the rate will surge to the monthly pivot point at the 111.02 level during the trading day. Meanwhile, the weekly S1 at the 110.61 should provide significant support for the currency rate.

Besides, if the rate will meet the monthly PP at the 111.02 level, most likely the rate will go downwards due to the strong resistance of the SMAs and 23.60% Fibo at the 111.15 level.