On Monday, the USD/JPY started the week with a gap down opening. The start of trading was highly volatile until the rate began trading in the range between the 55 and 100-hour simple moving averages near 107.90. In general, the rate was expected to get squeezed in between the 55-hour SMA at 108.00 and the 100-hour SMA at 107.80. A break out from the range down would reach for the weekly pivot point at 107.73. On the other hand, if the rate breaks out to the upside, it could reach the 38.20% Fibonacci retracement level at 108.44.