The USD/JPY passed the resistance of the 114.00 level during early Thursday’s trading hours. However, the pair found resistance in the weekly R1 simple pivot point at 114.15. By the middle of the day’s European trading hours, the pair had failed two attempts to pass the pivot point.
In the case that the weekly R1 fails to continue to provide resistance, above the pivot point, the early November high-level zone at 114.20/114.28 might act as resistance. Higher above, another high-level zone at 114.43/114.47 zone.
However, a decline might look for support in the weekly PP at 113.72 and the 200-hour simple moving average of 113.66. Further below, take into account the 100-hour SMA and the 50-hour SMA at 113.40.
