On Wednesday, the USD/JPY declined and found support in the combination of the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point at 111.23/111.29. The support zone held and caused a retracement to the 111.50 mark. On Thursday morning, the 111.50 eventually forced the rate into a decline to the combination of the 100-hour SMA and the weekly simple pivot point at 111.24.
A decline below the 111.24 level would most likely extend as low as the this week’s low level zone at 110.85/110.90. Further below this week’s low levels, the weekly S1 simple pivot point at 110.39 might serve a support.
Meanwhile, a recovery of the USD/JPY might aim at the 111.50 level first. Afterwards, the 111.80 mark might once again act as a resistance level.
