USD / JPY Analysis: Trading at 104.80

During the Friday morning hours, USD / JPY climbed to 104.80. The exchange rate is expected to rebound off the resistance of the weekly R3 and Fibonacci 23.60% in the 105.00 region. Note that the price may face Weekly R2 support at 104.51. If the predetermined support continues, the currency pair could trade sideways on the next trading session. Otherwise, the pair could drop to the weekly R1 at 104.18.