On Friday, the USD/JPY currency pair touched the 111.50 level. During today’s morning, the pair was testing the support provided by the 55-hour SMA near 110.20.
If the given moving average holds, it is likely that some upside potential could prevail in the market, and the exchange rate could exceed the psychological level at 112.00.
On the other hand, the currency pair could consolidate between the Fibos 50.00% and 61.80%, located at 109.58 and 110.72 respectively. It is unlikely that bears could prevail, and the pair could decline below the Fibo 38.20% at 108.44.
