During Wednesday morning hours, the USD/JPY currency pair jumped to the weekly R1 at 104.72.
If the given resistance level holds, it is likely that a reversal south could follow and the exchange rate could target the support provided by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 104.20 area.
Otherwise, the currency pair could continue to trade upwards in the short term. In this case the pair could face the resistance level—the Fibo 23.60% at 105.03.
