During the previous trading session, the USD/JPY currency pair traded sideways around the psychological level at 105.40. During Tuesday’s morning, the pair declined at the 105.20 mark.
Note, that the exchange rate is pressured by the 55-hour moving average, currently located at 105.49. Thus, it is expected, that bears could prevail in the market in the nearest future. In this case, the rate could be supported by the weekly S1 at the 104.96 mark.
Otherwise, it is likely, that the pair could maintain its consolidation in the 105.20/105.60 range in the short term. It is unlikely, that the rate could exceed the 105.75 mark due to the resistance of the 100-hour SMA.
