On Monday, the USD/JPY currency pair consolidated in the 107.30 area. During today’s morning, the pair maintained its consolidation.
It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs, as well the monthly PP in the 107.25 area. Thus, the rate could trade upwards in the short term.
Meanwhile, note that the currency pair could face the resistance formed by the weekly PP and the 200-hour SMA near 107.90. If the given resistance holds, it is likely that the pair could consolidate in the short run
