On Wednesday, the USD/JPY currency pair declined to the 107.40 level. During today’s morning, the pair consolidated at the given level.
It is likely that the exchange rate could be pushed down by the 55-hour moving average near 107.60. In this case the rate could decline to the support level formed by the weekly PP and the Fibo 38.20% at 106.90.
Meanwhile, note that the currency pair could gain support from the 200-hour moving average near 107.20. Thus, it is likely that the pair could consolidate in the short term.
