USD/JPY Analysis: Reaches Above 110.50

Technical analysis of Forex market

On Friday, the USD/JPY currency exchange rate passed the resistance of the 110.40 level, which was strengthened by the weekly R1 simple pivot point. Moreover, the rate reached above the 110.50 mark.

In the near term future, the pair could continue to surge. A surge would most likely reach for the resistance of the weekly R2 simple pivot point at 110.81 before aiming at the 111.00 level.

In the meantime, a bounce off from any of the mentioned resistance levels would be expected to look for support n the 110.40 levle and the weekly R1 simple pivot point.