Yesterday, the USD/JPY currency pair failed to surpass the 100-hour SMA near 106.50. During today’s morning, the pair was trading at 106.40.
Note that the exchange rate remains under pressure of the 200-hour SMA near 106.60. Thus, some downside potential could prevail in the market, and the rate could target the lower line of the falling wedge pattern in the 106.00 area.
On the other hand, it is likely that the currency pair could gain support from the 55-hour SMA and the weekly S1 near 106.30 and re-test the upper pattern line located in the 106.70 area
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