Since Tuesday afternoon, the USD/JPY currency pair has been trading sideways near the Fibo 23.60% at 105.03.
It is likely that the exchange rate could gain support from the 55-hour SMA near 104.96 and extend gains within the following trading session. In this case the rate could target the weekly R2 at 105.80.
Meanwhile, note that the currency pair would have to exceed the weekly R1 at 105.28. If the given resistance holds, the pair could bounce off and target the weekly PP at 104.42.
