On Friday, the USD/JPY currency pair raised to the 106.00 level. During today’s morning, the pair was trading near the given level.
It is likely that the exchange rate could remain under pressure of the monthly PP at 106.09 and reverse south from the short run. In this case the rate could gain support from the 55-, 100– and 200-hour SMAs in the 105.50/105.70 area.
If the given moving averages hold, it is likely that the currency pair could trade sideways. Otherwise, the pair could decline to the weekly S1 at 105.33.
