The medium-scale decline of the USD/JPY from the 2017 November high level, which took place in a channel-down pattern, appears to have ended. Namely, the currency exchange rate broke the resistance of the pattern, the 55, 100, and 200-hour simple moving averages, the weekly simple pivot point, and the 114.00 mark, during the first half of Tuesday's European trading hours.
If the pair continues to surge, it could encounter resistance in the weekly R1 simple pivot point at 114.36. Afterward, the previous week's high levels near 114.50 and the 114.70 level might serve as resistance.
However, a decline of the USD/JPY might find support first in the 200-hour SMA and the 114.00 mark. Below the 114.00 level, the 100-hour SMA and the weekly simple pivot point at 113.89 might keep the rate up.
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