The USD/JPY has revealed that it respects the resistance of the 110.40 level. Meanwhile, support appears to be provided by the 110.10 level and the 100-hour simple moving average. However, on Tuesday morning, the support of the simple moving average was passed.
In the case that the rate surges, the rate would have to pass the 110.40 level before encountering the July 23 high level at 110.60. Take into account that other July high levels are also located at round exchange rate levels. Namely, July 14 high is at 110.70 and the July 7 high is at 110.80.
However, a potential decline of the pair would find support in the 110.00 mark, the weekly simple pivot point at 110.09 and the 200-hour simple pivot point at 110.05.
