On Monday, the USD/JPY currency pair skyrocketed to the psychological level at 105.50.
It is likely that the exchange rate could gain support from the Fibo 23.60% and the weekly R1 in the 104.79/105.03 range. In this case the rate could reach the resistance level—the weekly R2 at 106.15.
In the meantime, it is unlikely that bears could prevail in the market, and the currency pair could decline below the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 103.98/104.40 range.
