On Wednesday, the USD/JPY currency pair consolidated at 105.60. During today’s morning, the pair maintained its consolidation.
From the one hand, it is likely that the exchange rate could be pushed down by the 55-hour SMA near 105.70. In this case the rate could target the weekly S1 at 104.70.
From the other hand, it is likely that the currency pair could gain support from the weekly PP and the 200-hour SMA at 105.41. Thus, it is likely that the pair could consolidate.
