Since the middle of Friday’s GMT trading hours, the USD/JPY has fluctuated between the 114.00 and 114.50 levels. On Monday morning, the pair was being approached by the 55-hour simple moving average.
If the 55-hour SMA provides the USD/JPY with support, a surge could begin. A surge might aim at the resistance of the 115.00 level before reaching the weekly R1 simple pivot point at 115.11.
Meanwhile, a failure of the SMA and decline below the 114.00 mark might look for support in the 100-hour SMA near 113.75 and the weekly simple pivot point at 113.64.
