Yesterday, the USD/JPY currency pair tumbled to the 107.70 level. During Thursday’s morning, the pair was trading at the given level.
On the one hand, the exchange rate could continue to go downwards, as it could target the lower boundary of the short-term descending channel located circa the 107.50 mark.
On the other hand, the pair could reverse north within the following trading hours. Note, that the rate has to surpass the monthly PP at 107.84. Also, it is unlikely, that the pair could jump higher than 108.10 due to the resistance of the 55– and 100-hour SMAs.