On Wednesday, the USD/JPY currency pair tried to exceed the Fibo 38.20% at 106.86. During today’s morning, the pair was trading neat the given level.

It is likely that the exchange rate could gain support from the 55-hour moving average near 106.60. Thus, it is likely that some upside potential could prevail in the market in the short term.

Meanwhile, note that the currency pair could face the resistance level formed by the weekly R2 at 107.08. If the given resistance holds, it is likely that the US Dollar could consolidate against the Japanese Yen.

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