USD/JPY decline touches 114.20 level

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Source: Dukascopy Bank SA


The decline of the US Dollar against the Japanese Yen has continued, as by the start of Wednesday's US trading hours, the rate had reached the 114.20 level. In the meantime, the rate had no technical support as low as the 114.00 mark and the weekly S1 simple pivot point at 113.93.

If the rate continues to decline, it would most likely look for support in the 114.00 mark and the 113.93 level. Below these levels, note the January low levels at 113.50.

Meanwhile, a recovery of the US Dollar against the Japanese Yen would be set to encounter resistance in the 200-hour simple moving average near 114.60, before aiming at the weekly simple pivot point at 114.81 and the 50-hour simple moving average.
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