USD/JPY Might Extend Gains

Yesterday, the USD/JPY currency pair raised to the 104.00 mark.

It is likely that the exchange rate could gain support from the 55– and 100-hour moving averages near 103.95 and trade upwards in the nearest future. Note that the nearest resistance level—the weekly R1, is located at 104.53.

In the meantime, it is unlikely that bears could prevail in the market, and the currency pair could decline below 103.56 due to the support formed by the weekly PP and the 200-hour SMA.