On Friday, the USD/JPY currency pair declined below the 108.00 level. During today’s morning, the pair was trading near the given level.
Note that the exchange rate is squeezed by the Fibonacci 23.605 and 38.20% retracements, located at 107.02 and 108.44 respectively. Thus, the Greenback could consolidate against the Japanese Yen in the short term.
It is unlikely that bulls could prevail in the market, and the currency pair could exceed the resistance formed by the weekly PP and the 55-hour SMA in the 109.00 area.
