USD/JPY analysis: Retraces to SMA's support
|USD/JPY
After touching the 114.70 level, the USD/JPY currency exchange rate began a decline. On Wednesday morning, the pair found support in the 55-hour simple moving average near 114.30. The event resulted in an apparent recovery of the USD/JPY, which could once again test the resistance of the 114.70 mark.
If the USD/JPY surges above the 114.70 level, it would most likely encounter resistance at the 115.00 mark. The round exchange rate level is bound to serve as resistance. Above the 115.00 level, the weekly R1 simple pivot point could stop a surge at 115.11.
Meanwhile, a decline would again look for support in the 55-hour simple moving average near 114.30. Below the 55-hour SMA, the 100-hour SMA might provide additional support.
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