On Tuesday, the USD/JPY currency pair traded sideways, trying to surpass the resistance of the 55-hour SMA, currently located at 108.14. During today’s morning, the pair surpass the given resistance.
Note, that the exchange rate is pressured by the 100-hour moving average, currently located at the 108.57 mark, thus, it is unlikely, that some upside potential could prevail in the market in the short term.
It is expected, that the rate could trade sideways between the given moving averages in the nearest future.
Also, it is unlikely, that the pair could decline lower than the 107.80 level due to the support of the lower boundary of the short-term descending channel.
