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USD/JPY Analysis: Bounces Off 112.00

The USD/JPY made three attempts to pass the 112.00 level before bouncing off it. At mid-day on Friday the rate had declined and almost reached the 111.00 level.

If the 111.00 level provides support, the pair might recover. A potential recovery could encounter resistance at the weekly R2 simple pivot point at 111.34, the 100-hour simple moving average at 111.42 and the 55-hour SMA at 111.61. Above these levels, the weekly R3 simple pivot point at 111.91 and the 112.00 mark would once again act as resistance.

However, a decline of the USD/JPY below the 111.00 level, might result in the rate looking for support in the 200-hour simple moving average near 110.70.

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