Yesterday, the USD/JPY currency pair raised to the 105.50 level. During Friday morning, the pair raised to the resistance level formed by the weekly PP and the monthly S1 at 106.32.
If the given resistance level holds, it is likely that a reversal south could occur in the nearest future. In this case it is unlikely that the exchange rate could decline below the weekly S2 at 102.74.
Otherwise, it is likely that the US Dollar could appreciate against the Japanese Yen in the short term. In this case the currency pair would have to surpass the weekly R1 at 107.65.
