The USD/JPY managed to pass the 110.00 level and surged on Tuesday. During the surge, the rate passed the resistance of the 110.25 level and the weekly R1 simple pivot point. On Wednesday morning, the surge had touched the 110.45 level before the rate retraced back down.
If the decline of the pair continues, the rate could look for support in the 110.00 level. The 110.00 level was strengthened by the 55-hour simple moving average. In addition, the 100 and 200-hour simple moving averages were located at 109.97. Moreover, the weekly simple pivot point provides support at 109.92.
However, a surge of the rate would face resistance at 110.20/110.30 and 110.40/110.45. Above these levels, the weekly R2 simple pivot point at 110.75 could serve as resistance.
