The US Dollar corrected lower from the 110.80 high against the Japanese Yen and traded towards 109.65 where it found support.
The USDJPY pair formed a base near 109.65 and moved above the 23.6% Fib retracement level of the last decline from the 110.80 high to 109.62 low.
The most important move was above the 100 hourly simple moving average, and a bearish trend line at 109.90. At the moment, the pair is struggling to break the 50% Fib retracement level of the last decline from the 110.80 high to 109.62 low, and correcting lower.
On the downside, the 100 hourly SMA may act as a strong support at 110.00 and can be seen as a buy zone.
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