Yesterday, the USD/JPY currency pair reversed north from the lower boundary of the rising wedge pattern. During Friday morning, the pair tried to surpass the 109.00 level.
Note that the exchange rate pressured by the 55– and 100-hour moving averages, currently located at 109.00. Thus, some downside potential could prevail in the market, and the rate could re-test the given pattern.
On the other hand, the currency pair could gain support of the weekly S1 and the monthly PP at 108.90 and go upwards. In this case the pair could reach the 200-hour SMA at 109.32.
