During today’s morning hours, the USD/JPY currency pair exceeded the psychological level at 104.80.
It is likely that the exchange rate could face the resistance level—the Fibo 23.60% at 105.03. Thus, the rate could bounce off to the support area provided by the 55– and 100-hour SMAs, as well the weekly PP in the 104.24/104.55 range.
If the predetermined resistance level does not hold, the currency pair could continue to extend gains in the short term. Note that the pair would have to surpass the weekly R1 at 105.28.
