On Tuesday, the USD/JPY currency pair failed to exceed the monthly PP at 106.09. During today’s morning, the pair was testing the support from the 100– and 200-hour SMAs near 105.50.
If the given support holds it is likely that the exchange rate could trade upwards in the short run. Meanwhile, if the predetermined resistance holds, it is likely that the rate could consolidate.
On the other hand, note that the currency pair is pressured by the 55-hour SMA near 105.90. Thus, it is likely that the pair could go downwards in the short term.