The bounce off from the 112.00 mark has turned into a proper decline, as on Friday the USD/JPY currency exchange rate reached the 111.00 level.
On Monday, the rate had paused the decline, as the support of the 200-hour SMA was approaching the pair. Meanwhile, resistance levels were spread out from 111.24 to 111.44. In the near term future, a squeeze between support and resistance levels was expected.
If the pair breaks out to the upside, it would have to break the resistance of the weekly simple pivot point at 111.24, the 55-hour SMA at 111.34 and the 100-hour SMA at 111.44. Above these levels, the weekly R1 at 111.93 might serve as resistance.
However, a decline below the 200-hour SMA might result in the USD/JPY reaching the support of the weekly S1 simple pivot point at 110.39.
