On Monday, the USD/JPY recovery reached above the 110.00 mark. However, the rate encountered resistance at 110.29 where the weekly simple pivot point and the 100-hour simple moving average were located at.
In the case that the rate surges above the technical resistance levels near 110.30 , the pair could reach for the 200-hour simple moving average and the July 7 high level.
On the other hand, a potential decline would look for support in the 110.00 level and the 55-hour simple moving average. In the case that the rate passes below the 110.00 mark, it could reach for the 109.55 level.
