Yesterday, the USD/JPY currency pair traded sideways in the 105.70 area. During Wednesday morning, the pair jumped to 106.00.
It is likely that some upside potential could prevail in the market in the short run. In this case the exchange rate could face the resistance level—the weekly R2 at 106.22.
If the predetermined resistance level holds, the rate could trade sideways within the following trading session. Otherwise, the pair could target the psychological level at 106.40.
