During the previous trading session, the USD/JPY currency pair touched the 200-hour SMA at 107.40. During Monday morning, the pair was trading at 107.75.
Given that the exchange rate is supported by the 55– and 100-hour SMAs near 107.65, it is likely that some upside potential could prevail in the market. In this case the rate could target the weekly R1 at 108.14.
However, if the pair fails to exceed the 107.80 level, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
