USD/JPY finds resistance in November high zone

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Source: Dukascopy Bank SA


The USD/JPY eventually passed the resistance of the weekly R1 simple pivot point at 114.15. The event was followed by a test of the resistance zone of the November high levels at 114.20/114.30. On Friday morning, the zone provided enough resistance for a decline to begin. By the middle of the day, the decline had pierced the 114.00 mark and the 50-hour simple moving average.

If the USD/JPY continues to decline, the pair could find support in the weekly simple pivot point at 113.72, the 200-hour simple moving average at 113.66 and the 100-hour simple moving average at 113.52. Further below these levels, there is no support as low as the 113.00 mark, which is strengthened by the weekly S1 simple pivot point.

Meanwhile, take into account that a potential surge of the rate would face the resistance of the weekly R1 simple pivot point at 114.15 and the 114.20/114.30 November high level zone. Moreover, above these levels, another resistance zone is locate at 114.43/114.47.
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Fri, 12 Nov 2021 15:10:01 GMT

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