On Friday, the USD/JPY currency pair traded sideways between the monthly PP and the Fibonacci 23.60% retracement, located at 106.70 and 107.00 respectively.
Note that the exchange rate is supported by the 55-hour moving average, currently located at 106.89. Thus, the rate could breach the given area north and target the weekly R1 at the 107.52 mark.
On the other hand, the US Dollar could continue to consolidate against the Japanese Yen within the given area in the short run. Also, it is unlikely that bears could prevail, and the pair could drop lower than the 106.36 mark due to the support of the 200-hour SMA.
