On Wednesday, the USD/JPY currency pair traded sideways at the 108.80 level. During today’s morning, the pair maintained its consolidation.
Note that the exchange rate is supported by the 55– and 100-hour moving averages, currently located circa 108.60. Therefore, it is likely that bulls could prevail in the market in the short run. A possible upside target is the resistance level formed by the weekly and monthly R1s at 109.14.
On the other hand, the US Dollar could continue to consolidate against the Japanese Yen in the nearest future. Also, it is unlikely that bears could prevail, and the currency pair could decline lower than the Fibonacci 38.20% retracement at 108.44.
