During Thursday morning hours, the USD/JPY currency pair raised to the 103.60 level.
It is likely that the exchange rate could face the resistance level—the weekly R1 at 103.82 and reverse south in the nearest future. In this case the rate could gain support from the weekly PP and the 200-hour SMA in the 103.25/103.40 range.
In the meantime, if the predetermined resistance level does not hold, the currency pair could target the psychological level at 104.20 in the short term
