USD/JPY analysis: Decline reaches below
|USD/JPY
The decline of the USD against the Japanese Yen has reached below the 114.00 mark and the support zone at 113.87/113.96. Moreover, during the middle of Friday's trading, the rate retraced back up and confirmed the zone as resistance.
If the currency exchange rate surges above the resistance zone at 113.87/113.96 and the 114.00 mark, it could aim at the resistance of the weekly S2 simple pivot point at 114.23 and the late December resistance zone at 114.22/114.28. In addition, at mid-day on Friday the 50-hour simple moving average was approaching near the 114.35 level.
Meanwhile, a continuation of the decline might look for support in the 113.50 mark and the weekly S3 simple pivot point at 113.51. Below these levels, the 113.20 level marks the start of the 113.15/113.20 zone of the December low levels.
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