On Thursday, the USD/JPY currency pair raised to the weekly R2 at 107.08. During today’s morning, the pair reversed south.
It is likely that the exchange rate could be pushed down by the 55-hour SMA and the Fibo 38.20% at 106.86. In this case the rate could target the support area formed by the weekly and monthly PPs, as well the 200-hour SMA in 105.90/106.10.
In the meantime, it is likely that the currency pair could gain support from the 100-hour SMA and the weekly R1 at 106.51. Thus, it is likely that the pair could trade sideways in the short run.
