On Wednesday, the USD/JPY currency pair consolidated in the 106.20 area. During today’s morning, the pair maintained its consolidation.
Given that the exchange rate is supported by the 55– and 200-hour SMAs, as well the monthly PP near 106.00, it is likely that some upside potential could prevail in the market.
Meanwhile, note that the rate would have to exceed the weekly R1 located at 106.48. If the given resistance holds, it is likely that the pair could continue to trade sideways in the short run.
