Yesterday, the USD/JPY currency pair consolidated in the 107.50 area. During Thursday morning, the pair maintained its consolidation.
It is likely that the 55– and 100-hour SMAs could push the exchange rate down. Note that the rate would have to surpass the support formed by the monthly PP, the weekly S1 and the Fibo 50.00% in the 106.70 area.
If the given support holds, it is likely that currency pair could continue to trade sideways. Otherwise, it is likely that the pair could target the psychological level at 106.00.
