Downside risks pressured the US Dollar against the Japanese Yen on Wednesday. The currency pair dropped by 60 pips or 0.55% during yesterday’s trading session.
The USD/JPY exchange rate could continue to trend lower during the following trading session. The possible target for bearish traders will be near the 107.80 level.
However, the support cluster formed by the 100– and 200– hour SMAs at 108.23 could provide support for the currency exchange rate within this session.
