On Monday, the USD/JPY currency pair skyrocketed to the 104.60 level and reversed south.
It is likely that the exchange rate could gain support from the weekly PP at 104.23 and trade upwards within the following trading session. The rate could target the weekly R1 at 104.80.
In the meantime, the currency pair could be pushed down by the 200-hour moving average near 104.30. Note that the pair could gain support from the 55– and 100-hour SMAs in the 104.00 area.
