USD/JPY analysis: Reaches below 113.50
|USD/JPY
The USD/JPY currency exchange rate bounced off the resistance of the 55 and 100-hour simple moving averages on Friday morning. The event resulted in a decline, which reached the 113.40 level. The 113.40 mark provided support and caused a recovery to the 113.80 level.
In the near term future, the pair might decline due to the approaching resistance of the 55-hour simple moving average. A potential decline might look for support in the 113.40 level. Meanwhile, note that the pair has no technical support as low as the weekly S1 simple pivot point at 113.08.
However, a surge of the rate would most likely encounter the resistance of the 55-hour SMA near 113.80, the weekly simple pivot point at 113.89 and the 100 and 200-hour simple moving averages near 114.00.
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