The USD/JPY currency exchange rate found enough support in the 200-hour simple moving average to surge above the resistance of a channel up pattern’s upper trend line, the weekly R1 simple pivot point at 109.97 and the 110.00 mark. On Tuesday morning, the rate retraced down to the 110.00 level and confirmed it as support by bouncing off it.
In the case of surging, the pair would face the resistance of the weekly R2 simple pivot point at 110.23. If the pivot point fails, the rate could reach for the 110.50 level.
Meanwhile, a potential decline would look for support in the 110.00 level and the weekly R1 simple pivot point at 109.97.
