On Friday, the USD/JPY currency pair tried to exceed the resistance provided by the 100-hour SMA near 107.50. During today’s morning, the pair was testing the given resistance.
Note that the exchange rate could gain support from the 55-hour SMA near 107.10 and trade upwards in the short term. In this case the rate could face the resistance formed by the weekly PP, the monthly R1, the Fibo 50.00% and the 200-hour SMA in the 107.89/108.66 range.
Meanwhile, it is unlikely that bears could prevail in the market, and the currency pair could decline below the monthly S1 located at 106.56 mark.
