On Wednesday, the USD/JPY currency pair raised to the 107.20 level. During today’s morning, the pair was consolidating near the given level.
Given that the exchange rate is supported by the 55-, 100– and 200-hour SMAs near 107.10, it is likely that some upside potential could prevail in the market. In this case the rate could reach the weekly R1 at 107.43.
Meanwhile, if the currency pair fails to exceed the 107.30 level, it is likely that the US Dollar could trade sideways against the Japanese Yen in the nearest future.
