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USD/JPY Analysis: Dropped Below 107.00

On Thursday, the USD/JPY currency pair tumbled below the 107.20 level. During today’s morning, the pair declined to the 106.80 mark.

It is likely that the exchange rate could be pressured by the Fibo 38.20% at 106.86, thus, it is likely that some downside potential could prevail in the market. Note that the nearest support—the weekly S2, is located at 106.46.

On the other hand, it is likely that the currency pair could trade sideways, trying to exceed the weekly S1 at 106.99 within the following trading session.

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