During Wednesday, the USD/JPY currency pair dropped to the support level formed by the weekly S3 at the 107.58 mark. During today’s morning, the pair reversed north.

Note, that the exchange rate has to surpass the resistance level—the weekly S2 at 107.87 to maintain its decline. If the given resistance holds, it is expected, that the rate could trade sideways in the short run.

If the given resistance does not hold, it is likely, that the pair could surpass the psychological level at the 108.00 mark within the following trading hours.

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