The USD/JPY currency pair has been trading sideways in the 105.40 area since Thursday.

It is likely that the exchange rate could gain support from the 55-hour moving average near 105.30 and extend gains in the short term. In this case the rate could face the resistance level—the weekly R1 at 105.76.

In the meantime, if the predetermined level holds, it is likely that the currency pair could maintain its consolidation in the nearest future. Otherwise, the pair could target the monthly PP at 106.02.

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