On Tuesday, the USD/JPY currency pair raised to the 200-hour SMA near 105.15. During today’s morning, the pair was testing the given resistance.
If the predetermined moving average holds, it is likely that a reversal south could occur. In this case the exchange rate could gain support from the 55– and 100-hour SMAs in the 104.70 area.
Otherwise, it is likely that some upside potential could prevail in the market in the short run, and the currency pair could target the weekly R1 located at the 105.76 mark.
