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On Thursday, the USD/JPY currency pair exceeded the weekly R1 located at 106.17.

It is likely that now the pair could gain support from the given pivot point and the 55-hour SMA near 106.01. Thus, some upside potential could prevail in the market within the following trading session.

Meanwhile, note that the exchange rate could face the resistance level formed by the Fibo 38.20% and the weekly R2 near 106.85. If the predetermined level holds, the rate could bounce off to the south.

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