After touching the 114.70 level, the USD/JPY currency exchange rate began a decline. On Wednesday morning, the pair found support in the 55-hour simple moving average near 114.30. The event resulted in an apparent recovery of the USD/JPY, which could once again test the resistance of the 114.70 mark.
If the USD/JPY surges above the 114.70 level, it would most likely encounter resistance at the 115.00 mark. The round exchange rate level is bound to serve as a resistance. Above the 115.00 level, the weekly R1 simple pivot point could stop a surge at 115.11.
Meanwhile, a decline would again look for support in the 55-hour simple moving average near 114.30. Below the 55-hour SMA, the 100-hour SMA might provide additional support.
