The US Dollar has surged against the Japanese Yen in the second half of Friday’s trading and on Monday morning.
However, the rate has encountered a resistance cluster near the 110.70 mark. Namely, the weekly PP and the 55-hour simple moving average were providing resistance at that level.
Meanwhile, the pair had no support as low as 110.37, where a monthly pivot point level was located at.
It can be expected that the rate will decline either due to the mentioned resistance or due to additional SMAs approaching from the upside.
