On Friday, the USD/JPY currency pair traded sideways at 107.50. During today’s morning, the pair touched the 107.70 level.
It is likely that the exchange rate could gain support from the 55-hour moving average near 107.50. Thus, some upside potential could prevail in the market, and the rate could reach the monthly PP at 107.95.
On the other hand, it is likely that some downside potential could prevail in the market. In this case the pair could gain support from the 200-hour SMA near 107.38. If the given moving average holds, it is likely that the pair could consolidate.
