Yesterday, the currency pair USD / JPY tried to exceed the level of 107.40. During Tuesday morning, the pair exceeded this level.
From a theoretical point of view, it is likely that the exchange rate may trade upward within the rising wedge pattern. Note that the velocity has to exceed the resistance formed by the monthly PP and the weekly R1 in the range 107.65.
If the given resistance holds, it is likely that the US dollar can be consolidated against the Japanese yen within the following trading session.
Also, bears are unlikely to prevail in the market, and the rate may fall below the 107.14 / 107.26 range due to the support provided by the 55- and 100-hour SMAs as well as the weekly PP.