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Since today’s early morning hours, the USD/JPY currency pair has been testing the 105.60 level.

It is unlikely that some downside potential could prevail in the market due to the support area formed by the 55– and 100-hour SMAs, as well the weekly R1 and the Fibo 23.60% in the 105.03/10.28 range.

The exchange rate could continue to extend gains in the short term. In this case the rate would have to exceed the weekly R2 at 105.80. If the predetermined resistance holds, the pair could trade sideways.