During Friday morning hours, the USD/JPY currency pair skyrocketed to the 104.80 mark.
It is likely that the exchange rate could bounce off the resistance formed by the weekly R3 and the Fibo 23.60% in the 105.00 area. Note that the rate could face the support provided by the weekly R2 at 104.51.
If the predetermined support holds, the currency pair could trade sideways within the following trading session. Otherwise, the pair could decline to the weekly R1 at 104.18.
