On Wednesday, the USD/JPY currency pair dropped to the support level formed by the Fibonacci 23.60% retracement at 107.02. During today’s morning, the pair was testing the given support.
From the one hand, the exchange rate could reverse north from the given level and remain to advance. In this case, the rate would have to surpass the weekly S1 and the monthly PP, located at 107.24 and 107.44 respectively.
However, if the given resistance and support level hold, it is likely that the Greenback could consolidate against the Japanese Yen within the following trading session. If the given support does not hold, the rate could target the psychological level at 106.80.
