The US Dollar has encountered resistance against the Japanese Yen in a zone from 111.63 to 111.66. On Friday morning, the rate bounced off this zone and declined to the 111.40 marks, which was supported by the weekly R1 simple pivot point.
In the near term future, the rate could find support in the 111.40 level and recover. In this case scenario, the pair might surge to the resistance of the 111.63/111.66 zone. If the zone fails to hold, the rate would resume its surge and aim at the 112.00 marks.
On the other hand, a potential decline below 111.40 would most likely look for support in the 111.20 level and the 55-hour simple moving average. A passing of the 111.20 level could result in a decline to the 111.00 marks.
