The USD/JPY currency pair continues to trade sideways in the 106.00 area.
It is likely that the exchange rate could gain support from the 100– and 200-hour moving averages in the 105.70 area. Thus, the rate could trade upwards in the short term.
Note that the currency pair would have to exceed the weekly R2 at 106.22. If the given resistance level holds, it is likely that the pair could maintain its consolidation in the short run.
