USD/JPY Analysis: Finds Resistance In Previous High

The USD/JPY currency exchange rate continued to surge throughout Friday. The surge extended into Monday. However, during the early hours of the day’s trading, the pair found resistance in the mid-October high level zone at 114.44/114.47.

A passing of the 114.44/114.47 zone might find resistance in the weekly R1 at 114.49, Afterwards, the October high level at 114.70 could provide resistance.

On the other hand, a decline would have no support as low as the 113.80/113.90 zone. In that zone the 55, 100 and 200-hour simple moving averages are located together with the weekly simple pivot point at 113.88. Meanwhile, take into account that the 114.00 mark might serve as support.

November 01, 2021 at 10:57PM
Dukascopy Swiss FX Group
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