On Wednesday, the USD/JPY currency pair skyrocketed to the monthly PP at 106.70. During today’s morning, the pair reversed south from the given resistance level.
On the one hand, the exchange rate could continue to go downwards within the following trading session. However, note, that the rate could gain support of the 55-, 100- and 200-hour SMAs in the 106.09/106.23 range.
If the given moving averages do not hold, the pair could decline to the weekly PP at the 105.82 mark.
On the other hand, the Greenback could trade sideways against the Japanese Yen, trying to surpass the given resistance.
