On Wednesday, the USD/JPY currency pair tumbled to the 107.20 level. During today’s morning, the pair was consolidating in the 107.25 area.
On the one hand, it is likely that the exchange rate could continue to trade sideways in the 107.20/107.35 area within the following trading session.
On the other hand, it is likely that bulls could prevail in the market in the short run. Meanwhile, it is unlikely that the rate could exceed the 107.45/107.58 area due to the resistance formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP