USD/JPY Analysis: Pressured By 55– And 100-Hour SMAs

Technical analysis of Forex market

On Thursday, the USD/JPY currency pair touched the 105.45 mark.

It is likely that the exchange rate could be pushed down by the 55– and 100-hour moving averages in the 105.30 area. A possible downside target is the weekly S2 at 104.87.

In the meantime, note that the currency pair could gain support from the Fibo 23.60% at 105.03. If the given support holds, the pair could trade sideways in the short run.

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