On Monday, the USD/JPY currency pair raised to the resistance provided by the 200-hour SMA near 107.30. During today’s morning, the pair was testing the given resistance.
It is likely that the exchange rate could gain support from the 100-hour SMA and the weekly PP at 107.50. Thus, some upside potential could prevail in the market, and the rate could target the weekly R1 at 107.61.
Meanwhile, if the 200-hour moving average hold, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
