During previous trading session, the USD/JPY currency pair pierced the lower line of the rising wedge pattern. During Monday morning, the pair reversed north from the given line.
From a theoretical point of view, it is likely that some upside potential could prevail in the market. In this case the exchange rate could face the resistance level formed by the weekly R1 and the monthly PP in the 107.65 area.
Meanwhile, note that the rate is supported by the 55– and 100-hour SMAs, as well the weekly PP at 107.14. If the rate fails to surpass the 107.40 level, it is likely that the Japanese Yen could consolidate against the US Dollar in the nearest future.
