During the previous trading session, the USD/JPY currency pair tumbled sharply to the weekly S2 located at 107.28. During today’s morning, the pair was testing the support level formed by the weekly S3 at 106.86.
If the given support holds, it is expected, that a reversal north could occur within the following trading sessions. A possible upside target is the resistance cluster formed by the weekly and monthly S1s in the 107.66/107.99 range.
Otherwise, it is likely, that US Dollar could continue to depreciate against the Japanese Yen. In this case, the exchange rate could face the support of the monthly S2 located at the 106.54 mark.
