On Monday, the USD/JPY traded above the monthly pivot point that is located at 107.84.

The currency pair was expected to fall below the pivot point, as the resistance of the 55, 100 and 200-hour simple moving averages was approaching from above. Moreover, the rate has broken an ascending pattern, signaling a decline.

On the other hand, note that the rate might trade sideways until all of the SMAs approach it.

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