At the end of last week, the USD/JPY currency pair tested the monthly PP at 107.33. During today’s morning, the pair was trading near the given resistance.
It is likely that the exchange rate could gain support from the 55-hour SMA near 107.15. Thus, some upside potential could prevail in the market, and the rate could target the 107.60 level.
Meanwhile, if the predetermined resistance holds, it is likely that a reversal south could occur. In this case the pair could gain support from the 100– and 200-hour SMAs near 107.00 and consolidate in the short run.
