During Monday morning hours, the USD/JPY currency pair jumped to the 105.40 mark.
It is likely that the exchange rate could face the resistance level—the weekly R1 at 105.62. Thus, the rate could bounce off to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP and the Fibo 23.60% in 104.75/105.00.
In the meantime, if the predetermined resistance level does not hold, the currency pair could continue to extend gains in the nearest future. In this case a possible upside target is the 105.80/106.00 range.
