During Monday’s trading, the USD/JPY broke the resistance of the 100-hour simple moving average and the weekly simple pivot point near 110.30. However, it did not result in an extended surge, as the currency exchange rate began to fluctuate sideways in the 110.30/110.50 range.
If the rate ends the sideways trading by surging, it would encounter resistance near 110.65 where the 200-hour simple moving average was located at. Above it, a zone below the 110.80 mark could provide resistance, as it had done previously in July.
On the other hand, a potential decline would find immediate support in the weekly simple pivot point at 110.29 and the 55 and 100-hour simple moving averages near 110.20. Below them, the rate could find support in the 110.00 mark.
