Yesterday, the USD/JPY currency pair traded sideways at the 108.90 level. During Thursday morning, the pair dropped to the 108.40 level.
It is likely that some downside potential could prevail in the market within the following trading session. However, note that the exchange rate could gain support of the weekly S2 at 108.04.
On the other hand, the Greenback could consolidate against the Japanese Yen at the 108.20 mark. Also, it is unlikely that bulls could prevail, and the pair could exceed 108.70 due to the resistance formed by the 200-hour SMA.
