On Monday, the USD/JPY currency pair declined to the 107.30 level. During today’s morning, the pair jumped to 107.80 level.
It is likely that some upside potential could continue to prevail in the market. Meanwhile, note that the exchange rate could face the resistance level formed by the monthly PP at 107.95.
If the given resistance level holds, it is likely that a reversal south could occur. In this case it is likely that the rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 107.46/107.58 area.