On Friday, the USD/JPY currency pair broke the lower boundary of the rising wedge pattern. During today’s morning, the pair was testing the resistance formed by the weekly PP at 108.65.
It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55-hour SMA, currently located at 108.76.
However, note that the rate could gain support of the Fibo 38.20% at 108.44. If the given level holds, it is likely that the Greenback could consolidate against the Japanese Yen in the short run.
