The USD/JPY ended the sideways trading around the 110.50 level by sharply surging up. It initially jumped to the zone above the 111.00 level. The following sideways trading ended in a resumption of the surge during early Thursday’s hours. The surge was expected to reach the resistance of the weekly R1 simple pivot point at 111.40.
In the case that the rate passes the resistance of the 111.40 level, the pair could reach for the combined resistance of the weekly R2 simple pivot point at 111.96 and the 112.00 marks.
On the other hand, a potential decline of the pair could find support in the prior resistance zone of the June high levels above the 111.00 level. If the zone gets passed, the rate would most likely find support in the closely positioned 55, 100, and 200-hour simple moving averages near 110.70.
