On Thursday, the USD/JPY currency pair tested the support from the weekly S2 and the monthly S1 at 106.50. During today’s morning, the pair reversed north.

It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 100-hour SMA near 107.60. In this case the rate could re-test the given support level.

However, if the given moving average does not hold, it is likely that the pair could continue to extend gains. Note that the rate could face the resistance of the 200-hour SMA near 108.30.

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