USD/JPY finds resistance in previous high

Source: Dukascopy Bank SA


The USD/JPY currency exchange rate continued to surge throughout Friday. The surge extended into Monday. However, during the early hours of the day's trading, the pair found resistance in the mid-October high level zone at 114.44/114.47.

A passing of the 114.44/114.47 zone might find resistance in the weekly R1 at 114.49, Afterwards, the October high level at 114.70 could provide resistance.

On the other hand, a decline would have no support as low as the 113.80/113.90 zone. In that zone the 55, 100 and 200-hour simple moving averages are located together with the weekly simple pivot point at 113.88. Meanwhile, take into account that the 114.00 mark might serve as support.
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