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USD/JPY Analysis: Consolidates Near Fibo 23.60%

On Wednesday, the USD/JPY currency pair consolidated near Fibo 23.60% at 105.03. During today’s morning, the pair maintained its consolidation.

It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55– and 100-hour SMAs near 105.30. In this case the rate could gain support from the weekly S2 at 104.59.

On the other hand, it is likely that the currency pair could continue to trade sideways near the Fibo 23.60% within the following trading session.

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