On Wednesday, the USD/JPY currency pair tumbled to the 106.70 level. During today’s morning, the pair was testing the resistance formed by the 55– and 100-hour SMAs near 107.10.

If the given resistance holds, it is likely that some downside potential could prevail in the market, and the exchange rate could re-test the 106.70 mark.

Meanwhile, note that the rate could gain support from the Fibo 38.20% at 106.86. Thus, it is likely that the US Dollar could consolidate against the Japanese Yen in the short run.

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