On Friday, the USD/JPY currency pair skyrocketed to the 197.90 level. During today’s morning, the pair touched 107.40.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, as well the weekly PP in the 107.60 area, it is likely that some downside potential could prevail in the market.
Note that the rate could gain support from the monthly PP and the weekly S1 at 107.33. If the given support holds, it is likely that the pair could consolidate in the short term.
