During the previous trading session, the USD/JPY currency pair traded sideways around the psychological level at 108.20.
During Wednesday’s morning, the pair was testing the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 107.78/108.05 range.
If the given support holds, it is expected, that a reversal north could occur in the nearest future. Note, that the exchange rate is pressured by the weekly R1 a 108.35. Otherwise, the rate could target the psychological level at 107.60.
