USDJPY Analysis: Retraces to 113.80

USDJPY

The US Dollar is taking a break from the surge against the Japanese Yen. Namely, the rate was retracing downwards after reaching the 114.10 level.

On Friday morning the pair found support in a pivot point at 113.80. Due to this support it was assumed that the surge was about to resume and the rate will eventually reach the 114.40 level.

On the other hand, it might trade sideways until the additional technical support of the 55-hour simple moving average approaches. On Friday that SMA was located at 113.60.

USDJPY

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