The USD/JPY has reached the 112.00 level, as it was forecast on Friday. The 112.00 level is providing resistance to the currency exchange rate and has forced it into retracing back downwards three times.
The rate most likely will make another attempt to pass the 112.00 level as soon as the 55-hour SMA approaches it from below. It will signal that the pair has ended its consolidation of the recent surge and it can resume its future movement.
In the meantime, take into account that it is still possible that a decline occurs. It would occur in the case of the rate passing the support of the 55-hour SMA.
