On Thursday, the USD/JPY currency pair tumbled significantly to the weekly PP at 105.12. During today’s morning, the pair was testing the given level.
It is likely that a reversal north could occur in the nearest future. In this case the exchange rate would have to exceed the monthly PP and the 200-hour SMA in the 105.35 area.
In the meantime, if the given resistance holds, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
