Yesterday, the USD/JPY currency pair traded downwards. During Wednesday morning, the pair declined to the 107.00 mark.
On the one hand, it is likely that the exchange rate could gain support from the 100-hour SMA and the Fibo 38.20% in the 106.90 area. Thus, the rate could reverse north and re-test the resistance level formed by the weekly R2 and the monthly PP at 107.65.
On the other hand, the currency pair could be pressured by the 55-hour SMA and the weekly R1 and the 107.25 area. If the given support does not hold, the pair could decline to the weekly PP at 106.60
