On Thursday, USD/JPY failed to form a distinctive trend either direction, thus remaining in the 112.90/113.44 range the whole trading session and being supported by the 100-hour SMA. Nevertheless, the stillness of the market was disrupted by a sudden 49-pip surge early on Friday. The given move shifted tremendously indicator readings that became strongly bullish. It is expected that the given upward momentum might maintain for several hours; however, the monthly R1 at 113.90 could resist any attempts to move the rate north. The base scenario favours the US Dollar appreciating against the Yen in short term, but reversing somewhere near the two-month high at 114.34.
