On Wednesday, the USD/JPY currency pair declined to the 106.80 level. During today’s morning, the pair reversed north.
It is likely that the exchange rate could face the resistance formed by the 55– and 100-hour SMAs, as well the monthly PP in the 107.25 area. If the given resistance holds, it is likely that a reversal south could occur.
Meanwhile, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the 200-hour moving average located near 107.50.
