During Thursday morning hours, the USD/JPY currency pair exceeded the 104.40 level.
From the one hand, it is likely that the exchange rate could continue to trade upwards in the short term. In this case the rate could face the resistance level formed by the weekly R1 at 104.75.
From the other hand, a reversal south could occur in the nearest future. In this case the rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 104.15 range.
