During Monday morning hours, the USD/JPY currency pair pierced the resistance provided by the 200-hour SMA near 103.80.
It is likely that the exchange rate could face the resistance level formed by the weekly R1 at 104.05 and bounce off in the short term. Note that the rate could gain support from the 55– and 100-hour SMAs, as well the weekly PP in the 103.30/103.46 range.
However, if the predetermined resistance does not hold, the currency pair could continue to trade upwards in the nearest future. A possible upside target is the psychological level at 104.40.
