During Tuesday, the USD/JPY currency pair tried to surpass the resistance level formed by the weekly PP at 107.31. During today’s morning, the pair was testing the given level.
Note that the exchange rate is pressured by the 200-hour moving average, currently located at the 107.42 mark. Therefore, it is likely that bears could prevail in the market. A possible downside target is the psychological level at 106.80.
However, note that the currency pair is also supported by the 55– and 100-hour moving averages at 107.00. If the given support holds, the US Dollar could trade sideways against the Japanese Yen in the short run
