The recovery of the USD/JPY ended at the 114.30 level. The USD/JPY did not reach the resistance of the weekly R1 simple pivot point at 114.36, and started a decline. By the middle of Wednesday’s European trading hours, the currency exchange rate had reached the 113.55 level.
A continuation of the decline of the USD/JPY pair might reach the last week’s low level at 113.42. The rate found support in this level on Friday, which was followed by the recovery to 114.30.
However, another recovery of the rate would have to face the combined resistance of the 55 and 100-hour simple moving averages and the weekly simple pivot point at near 113.90.
