On Wednesday, the USD/JPY currency pair dropped to the Fibo 23.60% at 105.03. During today’s morning, the pair reversed north.
It is likely that the exchange rate could trade downwards due to the resistance formed the monthly PP and the 55-hour SMA near 105.35. In this case the rate could target the weekly S2 at 104.87. I
n the meantime, note that the currency pair could gain support from the Fibo 23.60%. If the predetermined support holds, the pair could trade sideways in the short term.
