On Tuesday, the USD/JPY currency pair failed to exceed the 108.00 level. During today’s morning, the pair declined below 107.60.
It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55-hour SMA near 107.65. In this case the rate could gain support from the 200-hour SMA near 107.10.
On the other hand, it is likely that the currency pair could gain support from the 100-hour SMA near 107.40. Thus, it is likely that the pair could reverse north and target the resistance formed by the weekly R2 and the Fibo 50.00% at 108.30.
