On Wednesday, the USD/JPY currency pair raised to the resistance formed by the 200-hour SMA and the monthly PP circa 106.10. During today’s morning, the pair was testing the given resistance.
It is likely that a reversal south could occur in the nearest future. However, it is unlikely that the exchange rate could decline below the support level formed by the weekly S2 and the Fibo 23.60% circa 105.00.
In the meantime, it is likely that the currency pair could gain support from the 55-hour SMA near 105.60 and trade sideways in the nearest future.
