On Monday morning, the USD/JPY currency exchange rate found support in the 110.60 level. Afterwards, a surge followed. By the middle of the day’s European trading, the rate was aiming at the 111.00 level.
If the 111.00 level manages to provide resistance, the rate could retrace down to the 110.80 and 110.60 levels. These round exchange rate levels have been providing both support and resistance to the currency pair. Below these levels, note the approaching 55-hour simple moving average near 110.40.
However, the pair might continue to surge and reach above the 111.00 level. A surge above the 111.00 mark might find resistance in the weekly R1 simple pivot point at 111.34.
