USD/JPY analysis: Almost reaches 115.00

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USD/JPY

The USD/JPY currency exchange rate almost touched the 115.00 mark before a retracement back down started. By the middle of Wednesday’s GMT trading hours, the pair had returned to the 114.65/114.70 zone, which is the October high zone.

If the 114.65/114.70 zone provides the USD/JPY pair with enough support, the rate could make another attempt at passing the resistance of the 115.00 mark. Above the 115.00 level, the weekly R2 simple pivot point provides resistance at 115.23.

Meanwhile, passing below the 114.65/114.70 support would immediately encounter additional technical support levels. Namely, the weekly R1 simple pivot point is located at 114.58, the 50-hour simple moving average is at 114.43. In addition, the lower trend line of a channel-up pattern was located near 114.50.