On Tuesday, the USD/JPY currency pair traded sideways near 107.40. During today’s morning, the pair maintained its consolidation.
It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs, as well the monthly PP in the 107.30 area. Thus, some upside potential could prevail in the market.
Meanwhile, note that that the rate could face the resistance formed by the weekly PP and the 200-hour SMA near 107.80. If the given resistance holds, it is likely that the US Dollar could consolidate against the Japanese Yen.
