Yesterday, the USD/JPY currency pair declined to the support level—the monthly S1 at 107.14. During Friday’s morning, the pair reversed north.
Note, that the exchange rate has to surpass the resistance level formed by the weekly S3 at the 107.58 mark to maintain its growth. If the given resistance holds, it is expected, that the rate could trade sideways.
If the given resistance does not hold, it is expected, that the pair could reach the 107.87 mark, where the resistance level formed by the 55-hour SMA and the weekly S2 is located.
It is unlikely, that bears could prevail in the market, and the rate could drop lower than the 107.02 mark due to the support of the Fibo 23.60%.
