USD/JPY is pushed down by SMA

Source: Dukascopy Bank SA
The USD/JPY recovery has been stopped by the 55-hour simple moving average at the 107.70 level. On Monday, the pair and the technical resistance level were both located near the 107.40 level. 

In general, it was expected that the pair will be pushed by the simple moving average down into the support of the monthly pivot point at 107.14 level.  

Meanwhile, if the 55-hour SMA fails to push the pair down and the pair breaks above it, it will face no technical resistance levels as high as the 107.70 level, where this weeks middle pivot point was located at.
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