USD/JPY jumps back to 114.00

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Source: Dukascopy Bank SA


The USD/JPY kept finding support in the 112.73/112.78 zone for the 24-hour period from 08:00 GMT on Tuesday to Wednesday.

On Wednesday, the rate started a surge, which one by one passed the resistance of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point. During the day's US trading hours, the pair had reached the 114.00 mark. Namely, the exchange rate surged 124 base points or 1.10%.

If the pair passes the resistance of the 114.00 mark, it could find resistance first in the weekly R1 simple pivot point at 114.15. Above the pivot point, the early November high level zone at 114.20/114.28 might act as resistance.

However, a decline might look for support in the weekly PP at 113.72 and the 200-hour simple moving average 113.66. Further below, take into account the 100-hour SMA at 113.34 and the 50-hour SMA at 113.08.
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