Yesterday, the USD/JPY currency pair tried to surpass the resistance level formed by the Fibonacci 50.00% retracement at 109.58. During Friday morning, the pair continued to test the given resistance.
From the one hand, the exchange rate could reverse south in the nearest future. In this case the rate would have to surpass the monthly R1 at 109.39. Also, it is unlikely that the rate could drop lower than the 100-hour SMA at 109.22.
However, note that the currency pair is supported by the 55-hour SMA at 109.42. Thus, if the given resistance does not hold, it is likely that some upside potential could prevail, and the pair could reach the upper boundary of the long-term descending channel at 109.80.
