Yesterday, the USD/JPY currency pair touched the 104.70 level. During Friday morning hours, the pair re-tested the support level formed by the weekly and monthly S1s at 104.13.

It is likely that the exchange rate could gain support from the 55-hour SMA near 104.40 and trade upwards in the short term. In this case the rate could target the 105.00 mark.

Meanwhile, note that the currency pair could face the resistance provided by the 200-hour SMA near 104.70, If the given resistance holds, a reversal south could follow.

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