Since Wednesday, the USD/JPY currency pair has been trading sideways in the 106.00 area.
It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs in the 105.60/105.80 area and trade upwards in the short run. In this case the rate would have to exceed the weekly R2 at 106.22.
However, if the predetermined resistance level holds, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
