Since Tuesday, the USD/JPY currency pair has been trading sideways in the 104.60 area.
It is likely that the exchange rate could gain support from the 55-hour SMA near 104.60. Thus, some upside potential could prevail in the market, and the rate could target the 105.40 level.
Note that the currency pair would have to exceed the resistance area formed by the 100– and 200-hour SMAs, as well the Fibo 23.60% and the weekly PP in the 105.00/105.26 range. Thus, a reversal south could occur.
