During the previous trading session, the USD/JPY currency pair traded sideways between the Fibonacci 50.00% retracement at 109.58 and the monthly S2 at 109.97.
Given that the pair is pressured by the 55-hour SMA, currently located at 109.77, it is expected, that bears could prevail in the market. A possible downside target is the weekly S1 at 109.32.
If the given Fibonacci retracement holds, it is likely, that the exchange rate could continue to trade sideways. Also, it is unlikely, that some upside potential prevails due to the resistance of 100-hour SMA at 110.00.
