USD/JPY analysis: Could trade sideways

Dukascopy Bank Team Dukascopy Bank SA

USD/JPY

On Wednesday, the USD/JPY currency pair dropped to the Fibo 23.60% at 105.03. During today's morning, the pair reversed north.

It is likely that the exchange rate could trade downwards due to the resistance formed the monthly PP and the 55-hour SMA near 105.35. In this case the rate could target the weekly S2 at 104.87. I

n the meantime, note that the currency pair could gain support from the Fibo 23.60%. If the predetermined support holds, the pair could trade sideways in the short term.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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