The USD/JPY has confirmed once again that the 113.40 level and the zone above it can provide support. Namely, the pair bounced off the support level on Wednesday and retraced to the resistance levels near 113.90. Near the 113.90 mark, the pair found resistance in the combination of the 55 and 100-hour simple moving averages
If the USD/JPY surges, it would have to pass the resistance levels near 113.90. Afterwards, the 114.00 mark could keep the rate down. Note that the 114.00 mark is being strengthened by the 200-hour simple moving averages.
Meanwhile, a potential decline of the USD/JPY currency exchange rate might look for support in the 113.40 level. A passing of the 113.40 mark might result in a drop to the weekly S1 simple pivot point at 113.08.
