The USD/JPY passed the resistance of the June high at 109.83, where a 61.80% Fibonacci retracement level was located at.
Moreover, by the middle of Tuesday’s trading, the rate had almost reached the 110.50 level. Namely, the weekly R1 simple pivot point at 110.24 and the 110.00 level failed to stop the surge.
If the 110.50 mark provides resistance, the pair could consolidate its recent gains by trading sideways or retracing back down to the support of the weekly R1 simple pivot point at 110.24.
In the case of the 110.50 level failing to provide resistance, the pair could reach for the weekly R2 simple pivot point at 110.77 and afterwards the 111.00 mark