The Good Friday was spent with mainly low volatility and narrow movement for USD/JPY. A breakout of the 55-hour SMA was not followed by a fall, as the pair started moving along a short-term trend-line.
All indications point to a possible decline in this session. The expected fall, however, is likely to be limited due to a strong support cluster set by the weekly and monthly PPs and the 100-hour SMA near 106.00.
It seems that the pair might lack enough downside momentum to move past this mark in case no fundamental releases, such as the ISM Manufacturing PMI released at 1400GMT today, strengthen the bearish sentiment. This strong support might actually push the pair higher towards the 23.60% Fibo at 106.80.
