USD/JPY Consolidates At 105.60

On Thursday, the USD/JPY currency pair consolidated in the 105.60 area. During today’s morning, the pair maintained its consolidation.

Given that the exchange rate is supported by the weekly PP and the 200-hour SMA at 105.40, it is likely that some upside potential could prevail in the market. In this case the rate could face the resistance level—the monthly PP at 106.09.

Meanwhile, note that the currency pair is pressured by the 100-hour SMA near 105.75. Thus, it is likely that the US Dollar could consolidate against the Japanese Yen in the short run.