Since Tuesday evening, the USD/JPY currency pair has been testing the resistance level—the Fibo 23.60% at 105.03.
It is likely that the exchange rate could gain support from the 55-hour moving average near 104.80 and trade upwards in the short term. Note that the rate would have to exceed the weekly R1 at 105.28.
In the meantime, if the given resistance holds, the currency pair could bounce off to the support provided by the 100-hour moving average and the weekly PP in the 104.42/104.53 range.
