During Thursday morning hours, the USD/JPY currency pair reversed north from the 103.80 mark.
It is likely that the exchange rate could face the resistance area formed by the 100– and 200-hour SMAs, as well the weekly PP in the 104.30/104.70 range. Thus, a reversal south could occur in the short run.
In the meantime, note that the currency pair could gain support from the 55-hour moving average near 104.00. Therefore, the pair could target the Fibo 23.60% at 105.00.
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