USD/JPY analysis: Bounces off 116.00

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The USD/JPY currency exchange rate’s attempt at recovery failed, as it was piercing the 116.00 mark. On Friday, the rate was fluctuating below the 116.00 mark, as the pair was slowly declining.

In the case that the pair extends its decline, support would be most likely provided by the support zone at 115.63/115.66. Below the support zone, the November high zone and weekly R1 simple pivot point, and the 200-hour simple moving average are located at 115.40/115.53

On the other hand, a surge of the US Dollar against the Japanese Yen might once again find resistance in the 116.00 level, before approaching the 116.19/116.24 zone.