On Tuesday, the USD/JPY currency pair appreciated gradually. During today’s morning, the pair was trading at 106.20.
It is likely that some upside potential could prevail in the market, as the exchange rate is supported by the 55-, 100– and 200-hour SMAs in the 106.00 area.
However, note that the rate would have to exceed the weekly R1 at 106.48. If the given resistance holds, it is likely that the rate could trade sideways in the short run.
