During the previous trading session, the USD/JPY currency pair traded sideways around the psychological level at 107.90. During today’s morning, the pair breached the short-term descending trend south.
It is unlikely, that the exchange rate could decline due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 107.78/107.99 range.
It is expected, that the rate could continue to extend gains. A possible upside target is the resistance formed by the weekly R1 and the Fibonacci 38.20% retracement located circa 108.40.
