Yesterday, the USD/JPY currency pair consolidated in the 104.50 area. During Wednesday morning, the pair maintained its consolidation.
Note that the exchange rate is supported by the 55-hour SMA, the weekly S1 and the monthly S2 in the 104.00 area. Thus, some upside potential could prevail in the market.
However, note that the currency pair would have to surpass the resistance formed by the 200-hour SMA, the weekly PP and the monthly S1 at 106.20. If the given level holds, it is likely that the pair could consolidate.
