During Wednesday, the USD/JPY currency pair tried to surpass the resistance level formed the monthly PP at 107.84. During today’s morning, the pair was testing the given resistance.
Note, that the exchange rate is supported by the 200-hour SMA, currently located at 107.50. Thus, bulls could prevail in the market in the short term. In this case, the rate would have to surpass the 55– and 100-hour SMAs, located at 107.89 and 108.01 respectively.
However, if the given resistance hold, the pair could trade sideways between it, as well the support level formed by the weekly PP at 107.63.
