On Monday, the USD/JPY currency pair was trading sideways around the monthly PP at 106.09. During today’s morning, the pair maintained its consolidation.
It is likely that the exchange rate could gain support from the 55-hour SMA near 105.70 and extend gains in the short run. In this case the rate could face the resistance area formed by the weekly R1 and the Fibo 38.20% in the 106.63/106.86 range.
If the given resistance area holds, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
