On Wednesday, the USD/JPY currency pair raised to the 105.40 level.

From the one hand, it is likely that some upside potential could prevail in the market in the nearest future. In this case the exchange rate could face the resistance level—the weekly R1 at 105.76.

From the other hand, it is likely that a reversal south could occur in the short term. In this case the rate could gain support from 55– and 200-hour SMAs, as well the weekly PP, the monthly S1 and Fibo 23.60% in the 105.00 area.

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