On Friday, the USD/JPY broke the resistance of the 110.00 mark and touched the 110.20 level. However, a surge did not follow, as the rate declined. On Monday, the rate was located near the 109.70 level.
In the case of the rate declining in the near term future, the pair could reach for the support of the weekly simple pivot point at 109.56. Below this level, the pair could reach for the 100-hour simple moving average at 109.37.
On the other hand, a potential surge could once again encounter resistance at 110.00 and afterwards the 110.20 mark.
