During previous trading session, the USD/JPY currency pair tried to surpass the support level formed by the monthly PP at 107.94. During Monday morning, the pair raised to the 108.40 level.
Given that the exchange rate is pressured by the 100- and 200-hour moving averages, it is likely that bears could prevail in the market. A possible downside target is the given support level.
However, note that the rate could gain support of the 55-hour SMA at 108.20. In this case the pair could surpass the given resistance and reach the psychological level at 108.80.
