Despite passing the resistance of the 110.00 level, the USD/JPY currency exchange rate did not surge to the weekly R1 at 110.32. Instead, the pair bounced off the 110.15 level and declined, ignoring all technical support levels. Namely, the 55, 100 and 200-hour SMAs, the weekly simple pivot point and the lower trend line of a channel up pattern were passed by the rate.
On Tuesday morning, the currency exchange rate was fluctuating between the 109.65 and 109.90 levels.
If the USD/JPY currency exchange rate starts a surge, it would immediately face the resistance of the 110.00 level. Above the 110.00 mark, the 110.15 and 110.20 could once again provide resistance.
In the case of a decline, the rate could find support in the 109.60 and 109.50 level, which provided the rate with support throughout the prior week.
