The USD/JPY surged on Monday up to the resistance levels near the 112.70 mark. In general, the rate has two possible scenarios.
The pair could break through the resistance levels and surge to the 100-hour simple moving average at the 112.80 level and afterwards pass it to surge to the weekly pivot point at 112.93.
On the other hand the rate might bounce off the resistance cluster and decline down to the 112.50 mark. Most likely, the pair will decline, as a decline would be consistent with the larger scale charts.
