The surge of the USD/JPY currency exchange rate continues, as on Tuesday morning, the rate was testing the 106.90 level. In the meantime, the 38.20% Fibonacci retracement level at 106.86 not manage to provide resistance.
In the meantime, it was spotted that the rate is gradually pushed up by the 55-hour simple moving average. Namely, the rate surges, then consolidates until the SMA catches up and afterwards resumes the surge. Due to that reason, it is expected that the rate would continue to be pushed up.
On the other hand, the resistance of the round exchange rate level of 107.00 or the weekly R1 simple pivot point at 107.25 could stop the rate’s surge.
